If you're one of the millions of small businesses or sole proprietors still waiting for word on your EIDL loan, here's some news straight from the SBA. While this data release from June 6th is better than nothing, it still leaves plenty of information out — and raises even more questions. Let's take a look.

The SBA has approved over 1.1 million EIDL loans

The total value amount approved is $79 billion, which means the average loan amount per business is about $71,000. Since the new EIDL loan limit is now $150,000, that means that on average businesses are getting half of the total amount.

However, while the SBA lists the number of businesses approved by state and total funding amount, it doesn't breakdown any other distribution data or industry type, which is critical to understanding who's getting loans.

There seems to be a mismatch in average distribution per state

The Washington Post took a look at the very limited data and found that, normalizing for the number of businesses in a state, the average loan size varies quite a bit.

For example, loan sizes in Nevada were on average around $12,000, while in West Virginia, the average loan size was around $4,000.

The flaws in this study are that not every small business applied for a loan. But in the absence in of data on number of applicants versus approved applicants, this is a best guess.

The key question is still what percentage of businesses have been approved

Based on our self-reporting EIDL loan tracker, as of this post's publish date, 28% of small business applicants have received their EIDL Advance and 18% have received their EIDL loan. This is still way too few considering that most of these businesses applied at the beginning of April. The vast majority of these businesses have been waiting over a month and a half to hear from the SBA.

If you've been denied by the SBA, we recently did a video on the types of denial letters and what you can do to get the SBA to reconsider.

📌 Pro-tip: If you aren't using our free self-reporting SBA loan tracker, here is the link so you can see relative progress.

Here is the data from the SBA EIDL report: