Wealth Management

COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help their fellow small business owners understand when PPP and EIDL advance money starts flowing. The site works by crowdsourcing knowledge on applications and loan disbursements. Our goal is to help the small business community and empower journalists with the data they need to keep the government accountable.



We have been live just 56 hours and as of 8:00 am on April 11th nearly 2,000 businesses have reported about $1bn in loan applications. So far, 19 have reported receiving PPP loans and just 2 have reported receiving EIDL advances.

Here are some trends and macro data:

  1. More Money is Flowing: There was a big pickup in PPP loan disbursement on April 10th, this should give small business owners some hope!
  2. Small Banks are Leading the Charge: all but one of the PPP loan recipients we have tracked applied through a small and regional bank
  3. EIDL Advances are a Disaster: only 4 out of almost 2,000 have received the advance/grant, and the ones that did applied earlier and waited an average of over 19 days. The SBA promised these would be delivered in two days.
  4. Companies Seem to be Getting the Full Amount Applied For: it is very early to draw any conclusions, but thus far all but one company has gotten 100% of the amount they applied for.

Data on the Companies Who Have Received PPP Loans:

Type of Business Empl State Date of App Type of Bank Applied For Date PPP Rcvd Amount Rcvd NOT received
LLC 155 CO 4/5/20 Small/regional bank $1-5m 4/7/20  $1,616,700 0%
S-Corp 1 OK 4/2/20 Small/regional bank $0-$50,000 4/9/20  $20,700 0%
LLC 38 TX 4/3/20 Small/regional bank $50,001-250,000 4/9/20  $244,000 0%
LLC 2 UT 4/3/20 Small/regional bank $0-$50,000 4/9/20  $7,200 76%
S-Corp 18 AR 4/3/20 Small/regional bank $0-$50,000 4/9/20  $49,900 0%
C-Corp 23 MI 4/3/20 Small/regional bank $50,001-250,000 4/8/20  $250,000 0%
LLC 10 TX 4/3/20 Small/regional bank $50,001-250,000 4/9/20  $243,000 0%
S-Corp 2 MO 4/3/20 Small/regional bank $0-$50,000 4/10/20  $26,300 0%
LLC 112 MO 4/3/20 Small/regional bank $250,001-$1m 4/8/20  $706,000 0%
LLP 6 NY 4/3/20 Small/regional bank $0-$50,000 4/10/20  $30,400 0%
S-Corp 1 ID 4/3/20 Small/regional bank $0-$50,000 4/9/20  $5,100 0%
S-Corp 54 TX 4/3/20 Small/regional bank $250,001-$1m 4/10/20  $480,200 0%
S-Corp 6 MN 4/3/20 Small/regional bank $50,001-250,000 4/10/20  $74,000 0%
S-Corp 27 OH 4/3/20 Small/regional bank $50,001-250,000 4/10/20  $154,000 0%
LLC 18 IA 4/6/20 Small/regional bank $50,001-250,000 4/10/20  $57,200 0%
S-Corp 18 AR 4/3/20 Small/regional bank $0-$50,000 4/9/20  $49,900 0%
S-Corp 22 CA 4/6/20 JP Morgan Chase $50,001-250,000 4/10/20  $195,500 0%
C-Corp 49 TN 4/4/20 Small/regional bank 4/10/20  $437,000 0%

Special ask: please help us filling out the survey about your application by sharing COVID Loan Tracker with your business network.

As many of you know, we started a site called COVID Loan Tracker yesterday to help small business owners track applications and loan issuance so they can know when money starts to flow.

FINSUM readers gave an enormous response with over 200 small business owners in our space filling out the survey. Overall , as of 7:30 am we have had 440 small businesses report on CTL in the first 18 hours, representing up to $650,000,000 in loan applications across 47 states. Below are the findings:

0% have received PPP loans (i.e. money actually deposited)

0% have received EDL grants (i.e. money actually deposited)

39% are LLCs

28% are S-corporations

Average PPP loan request: $427,000

Average employees per application: 14

96% of applications are for less than $50,000

18% applied for more than $250,000

2% applied for $1m or more

49% applied through small and/or regional banks

16% applied through JP Morgan Chase

The conclusion is that money is clearly not flowing yet (at least at any meaningful level). Please share CTL with your networks so we can aggregate more data to keep small business owners informed and empower the media with data to keep the government accountable.

Dear readers, like you we are concerned for the longevity of small businesses across the country and are eager to receive the Payment Protection Program (PPP) loans and EIDL grants that hundreds of thousands of small business owners have applied for across the US. Seemingly everyone who has applied is frustrated and confused because of all the issues that the SBA, lenders, and the government are having in issuing the loans. We know thousands of financial advisors are also small business owners and have applied for these loans. Because of this, we have started a site – covidloantracker.com – to track the application and issuance of PPP and other loans. This will help business owners understand when and how many loans are actually being paid and will hold media and the government accountable to provide the aid they have promised. Our aim to is to share this site with as many small business owners as possible and then share results with the media on a daily basis as a way to track what percentage of applicants have received their loans.

Please visit covidloantracker.com and fill out the 60 second form.

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