The Small Business Administration (SBA) recently released a 23-page report on PPP loan, EIDL loan, and EIDL grant data. It's the most comprehensive report and narrative we've seen since these programs began 1 year ago. Here are some of the highlights, which we've also covered in today's YouTube video.
Let's start with the PPP updates and then shift to EIDL land.
PPP Loans Are Making Steady Progress
If you're still waiting this might be somewhat encouraging news. We know you'd rather have your PPP loan request approved already, but the SBA is approving around $4-5 billion in loan amounts on a daily basis now.
Secondly, the PPP program is successfully reaching smaller borrowers. 94% of all loans are less than $250,000.
Nearly 4 Million EIDL Loans Have Been Approved
Since last April, over 3.7 million EIDL loans have been approved for a total amount of $199.4 billion. What's notable about this distribution — and expected — is that 78% of all loans are less than $100,000.
Again, the "small" in small business comes across in the size of loan amounts and the long tail of small loans. Even 65% of all EIDL loans are less than $50,000.
Most EIDL Advances Have Gone to 1-2 Person Businesses
Also as expected, the majority of EIDL Advances have gone to the 1 to 2 person businesses. According to the data, 62% of all EIDL Advances were either $1,000 or $2,000. In fact, 51% of Advances were $1,000.
Another note from the EIDL Advance data is that there were over 8 billion EIDL Advance applications in the first round, and 71% of these were approved for some amount of EIDL Grant funding.
In fact, of the 8 million applications, the SBA says $28 billion was requested. The program had a total of $20 billion that was used. This shows only $8 billion was "oversubscribed" and we know have an additional $40 billion (and likely more) in EIDL Advance funding.
We'll keep you posted every time the SBA releases significant data, especially as it relates to these programs. Don't forget to subscribe to us on YouTube, too. Below is our latest video as well.