Paycheck Protection Program Data as of 02/25/21
Summary
SBA's Paycheck Protection Program report as of 02/25/21 puts the 2021 round at 2,092,884 loans approved for $151.7B, an average loan of $72,473, against loan intake of 2,243,600 applications for $169.5B. 94% of loans are under $250k and make up 50% of the volume; 84% of approved loans are under $100K, and Accommodation and Food Services take 18% of all lending. Demographic data stays thin: 75.28% of approved loans report no race. On the 2020 loans, $159.8B of the $521.2B total has been forgiven, 99.7% of the value processed, while applications for $277.7B have not yet been received. EIDL stands at 3.7M loans approved for $200B with $192.2B (96%) disbursed, and the $20B EIDL Advance round was fully exhausted across 5,781,390 advances.
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Paycheck Protection
Program
Data as of 02/25/21
PPP | The current round of PPP is pacing steadily
Loan Intake* Loan Intake* ($) Loans Approved Approved ($) Avg Loan Size
2,243,600 $169.5B 2,092,884 $151.7B $72,473
$14 $160
Billions $12 All lenders $140
Billions
permitted
$120
$10
$100
$8
Lenders <$1B $80
$6 allowed to lend
$60
$4
$40
$2 $20
$0 $0
1/11 1/13 1/15 1/17 1/19 1/21 1/23 1/25 1/27 1/29 1/31 2/2 2/4 2/6 2/8 2/10 2/12 2/14 2/16 2/18 2/20 2/22 2/24
Loan Intake Dollars Approved Dollars Cumulative
*Loan Intake defined as PPP loan guarantee applications submitted to SBA for processing
3
PPP | The Administration is focused on ensuring equitable access of PPP
funds. The current round is on pace to pass some of the defined set-asides in
the statute
PPP lending over time Set Aside Breakdown by Approved $
$160 100.0%
Total Volume** ($) Total Set Aside
Billions $140 90.0%
80.0%
First Draw Loans <=10 employees $9.9B
$15B
$120
70.0% First Draw Loans LMI & < $250k $2.9B
$100 60.0% Second Draw Loans <=10 employees $35.3B
$80 50.0%
$25B
Second Draw Loans LMI & <$250k $15.5B
$60 40.0%
30.0% Community Financial Institutions $6.7B $15B
$40
20.0% First & Second Draw from IDIs, CUs,
$20 10.0%
FCSIs < $10B * $73.4B $15B
$0 0.0% New First Draw Borrowers $14.5B $35B
1/11 1/18 1/25 2/1 2/8 2/15 2/22
Cumulative Approved ($) % LMI % Rural % <$150k *Insured Depository Institutions, Credit Unions, and Farm Credit System Institutions
**Set asides are being treated as mutually exclusive, thus total assigned amount from an
accounting standpoint is lower than the total volume above
LMI* Rural* <$150k
Program Averages (by approved $) 25.1% 17.1% 39.1%
4
*Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
PPP | The current round of PPP is successfully reaching smaller borrowers
with 94% of all loans less than $250k, totaling 50% of loan volume
Loan Size Breakdown by Approved Count Loan Size Breakdown by Approved ($)
$250K - $1M, 5% >$1M, 1%
$100K -
$250K, 10% >$1M, 18%
<$100K <$100K, 29% <$100K
$100K - $250K $100K - $250K
$250K - $1M $250K - $1M
$250K - $1M, 32%
>$1M >$1M
$100K - $250K,
21%
<$100K, 84%
5
PPP | The current round of PPP is successfully reaching smaller borrowers
with ~92% of all loans to businesses with 20 employees or fewer, totaling 47%
of loan volume
Number of Employees Breakdown by Approved Count Number of Employees Breakdown by Approved ($)
21 - 50, 6% > 50, 2% 1, 8%
11 - 20, 10%
1 > 50, 28% 1
2 - 10 2 - 10, 22% 2 - 10
1, 44%
11 - 20 11 - 20
21 - 50 21 - 50
> 50 > 50
2 - 10, 38% 11 - 20, 17%
21 - 50, 25%
6
PPP | There is still limited demographic data on PPP borrowers. The SBA is working to
improve optional response rate and reaching underserved small businesses
Loans Approved Approved ($) Avg Loan Size % of Approved Dollars
LMI* Neighborhoods 492,418 $38,047,616,135.20 $77,267 25.08%
Rural* 548,438 $26,001,881,670.61 $47,411 17.14%
Race % Approved Count % Approved Dollars
American Indian or Alaska Native 1.14% 0.94%
Asian 3.22% 2.51%
Black or African American 4.80% 1.81%
Eskimo & Aleut 0.00% 0.00%
Hispanic 0.00% 0.00%
Multi Group 0.08% 0.07%
Puerto Rican 0.00% 0.00%
Unanswered 75.28% 79.41%
White 15.47% 15.26%
Ethnicity % Approved Count % Approved Dollars
Hispanic or Latino 3.48% 2.71%
Not Hispanic or Latino 28.79% 30.19%
Unknown/Not Stated 67.73% 67.10%
Gender % Approved Count % Approved Dollars Veteran % Approved Count % Approved Dollars
Female 12.93% 9.64% Non-Veteran 32.65% 34.25%
Male 28.89% 34.72% Unknown/Not Stated 65.23% 63.42%
Unknown/NotStated 58.18% 55.64% Veteran 2.12% 2.33%
*Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
7
PPP | Large institutions are driving the majority of PPP lending. Non-bank
lenders are reaching underserved businesses with a larger proportion of their
loans Lender Type Loans Approved Approved ($) % Total % <$150k % LMI** % Rural**
Banks and S&Ls >
$50B 490,372 40,815,187,463 26.91% 39.91% 24.41% 7.49%
Banks and S&Ls
$10B - $50B 345,408 26,376,650,687 17.39% 35.92% 27.07% 13.65%
Banks and S&Ls
$1B - $10B 395,578 40,601,771,022 26.77% 30.63% 24.14% 18.19%
Banks and S&Ls < Green – Above
$1B 426,531 25,702,736,851 16.95% 41.81% 22.25% 35.67% program average
BIDCOs 7 225,138 0.00% 100.00% 20.33% 3.31% No color –
Credit Unions 59,731 2,730,918,253 1.80% 55.42% 25.11% 18.15% Approximately
Farm Credit program average
Lenders 16,671 431,071,730 0.28% 74.28% 10.71% 69.80% Yellow checkerboard
Fintechs (and – Below program
other State average
Regulated) 210,923 5,828,037,673 3.84% 69.75% 34.32% 9.49%
Small Business
Lending
Companies 50,778 2,521,492,296 1.66% 50.46% 28.90% 6.94%
CFI 96,883 6,668,796,341 4.40% 41.23% 29.44% 18.97%
To Be Confirmed 2 120,004 0.00% 100.00% 100.00% 0.00%
Program Averages (by approved $) 39.1% 25.1% 17.1%
*CDFI defined as Community Development Financial Institutions, BIDCOs defined as Business and Industrial Development Corporations 8
**Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
PPP | The current round has reached all 50 states
% of total lending against proportion of total US businesses with <500 employees
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0% AK
AL
AR
AS
AZ
CA
CO
CT
DC
DE
FL
GA
GU
HI
IA
ID
IL
IN
KS
KY
LA
MA
MD
ME
MI
MN
MO
MP
MS
MT
NC
ND
NE
NH
NJ
NM
NV
NY
OH
OK
OR
PA
PR
RI
SC
SD
TN
TX
UT
VA
VT
WA
WI
WV
WYVI
*Red markers detail the proportion of US Businesses with < 500 employees by state (Source: US Census, SUSB); this is data for employer businesses and doesn’t include
9
independent contractors
PPP | Accommodation and Food Services account for 18% of all lending,
driven primarily by restaurants
% of total lending against proportion of total US businesses with <500 employees
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
*Other includes Information, Mining, Finance & Insurance, Public Admin., Management of Companies & Enterprises, Utilities, and Unclassified Establishments Industries 10
**Red markers detail the proportion of US Businesses with < 500 employees by industry (Source: US Census, SUSB), this is data for employer businesses and doesn’t include independent contractors or farms
Paycheck Protection
Program Forgiveness
Data as of 02/25/21
Forgiveness | ~34% of loans have completed the forgiveness process,
totaling ~31% of total 2020 PPP volume
Total 2020 PPP Amount Not Applications not yet
Volume Forgiven Forgiven In Process received
Count 5.3M 1.8M - 242k 3.2M
Volume $521.2B $159.8B $0.48B $83.2B $277.7B
$20 $180
Billions Billions
$18 $160
$16 $140
$14 $120
$12
$100
$10
$80
$8
$6 $60
$4 $40
$2 $20
$0 $0
9/6 1/3 2/7
August
8/30 9/13 9/20 9/27 10/4 10/11 10/18 10/25 11/1 11/8 11/15 11/22 11/29 12/6 12/13 12/20 12/27 1/10 1/17 1/24 1/31 2/14 2/21
Submitted (Loan Value) Forgiven Cumulative Forgiven
12
Forgiveness | Across all loan sizes, over 99% of loan value has been
forgiven on loans that have completed the forgiveness process
Forgiven Not Forgiven % Forgiven of In Process Apps Not Yet Total PPP % Sub. for
(Amt) (Amt) Processed (Amt) Received (Amt) Volume Forgiveness (Amt)
<$100K $38.3 B $0.14 B 99.6% $4.0 B $67.8 B $110.2 B 38.5%
$100K - $250K $32.7 B $0.08 B 99.7% $5.4 B $47.7 B $85.9 B 44.5%
$250 - $1M $61.0 B $0.16 B 99.7% $15.9 B $70.2 B $147.3 B 52.3%
>$1M $27.8 B $0.09 B 99.7% $58.0 B $92.0 B $177.9 B 48.3%
Total $159.8 B $0.48 B 99.7% $83.2 B $277.7 B $521.2 B 46.7%
Forgiven count by loan size Forgiven value by loan size
$250 - $1M, 7%
>$1M, 1% >$1M <$100K
$100K -
$250K, 12% 17% $100K - $250K
<$100K $250 - $1M
<$100K 38%
$250 - $1M >$1M
<$100K, $100K - $250K 21%
80%
$250 - $1M $100K -
>$1M $250K
24%
13
Forgiveness | Most types of lenders have submitted at least 1/3 of their
applications for forgiveness
Not % Sub. for
Forgiven % Forgiven of In Process Apps not yet Total PPP Forgiveness
Lender Type Forgiven (Amt) (Amt) Processed (Amt) received (Amt) Volume (Amt)
Banks and S&Ls($10B or
more) $71,070 M $248 M 99.7% $48,257 M $183,309 M $302,884 M 39.5%
Banks and S&Ls(less than
$10B) $83,135 M $213 M 99.7% $32,414 M $78,064 M $193,826 M 59.7%
BIDCOs $1 M $0 M 100.0% $0 M $0 M $1 M 93.2%
Certified Development
Companies $129 M $0 M 99.7% $31 M $241 M $402 M 40.0%
Credit Unions ($10B or
more) $309 M $1 M 99.5% $94 M $492 M $896 M 45.1%
Credit Unions (less than
$10B) $3,420 M $13 M 99.6% $1,104 M $3,916 M $8,454 M 53.7%
Farm Credit Lenders $384 M $0 M 99.9% $280 M $740 M $1,405 M 47.3%
Fintechs (and other State
Regulated) $496 M $1 M 99.8% $247 M $3,116 M $3,860 M 19.3%
Microlenders $80 M $0 M 99.8% $23 M $129 M $233 M 44.5%
Non Bank CDFI Funds $90 M $0 M 99.9% $42 M $217 M $349 M 37.8%
Small Business Lending
Companies $713 M $2 M 99.8% $732 M $7,473 M $8,919 M 16.2%
To Be Confirmed $0 M $0 M 100.0% $0 M $10 M $10 M 0.6%
14
Economic Injury
Disaster Loans (EIDL)
Data as of 02/25/21
EIDL | Since April, EIDL has approved ~$200B in loans
Loans Approved Approved ($) Disbursements Disbursed $
3.7M $200B 3.5M $192.2B (96%)
16
EIDL | 78% of all loans are less than $100k, totaling 39% of loan
volume
Loan Size Breakdown by Approved Count Loan Size Breakdown by Approved $
>$150K, 1% >$150K, 4%
$100K - $150K, 21% <$50K
<$50K
$50K - $100K
$50K - $100K
$100K - $150K <$50K, 21% $100K - $150K
>$150K
>$150K
$50K - $50K -
$100K, 13% <$50K, 65% $100K, 18%
$100K - $150K,
57%
17
EIDL | EIDL has reached all 50 states
% of total against proportion of total US businesses with <500 employees
20.00%
18.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00% AK
AL
AR
AS
AZ
CA
CO
CT
DC
DE
FL
GA
GU
HI
IA
ID
IL
IN
KS
KY
LA
MA
MD
ME
MI
MN
MO
MP
MS
MT
NC
ND
NE
NH
NJ
NM
NV
NY
OH
OK
OR
PA
PR
RI
SC
SD
TN
TX
UT
VA
VT
WA
WI
WV
WYVI
*Red markers detail the proportion of US Businesses with < 500 employees by state (Source: US Census, SUSB), this is data for employer businesses and doesn’t include 18
independent contractors
EIDL | Retail Trade accounts for ~15% of all lending
% of total lending
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
*Other includes Information, Mining, Finance & Insurance, Public Admin., Management of Companies & Enterprises, Utilities, and Unclassified Establishments Industries 19
Economic Injury Disaster
Loan (EIDL) Advance
COMPLETED ROUND 1 DATA
EIDL Advance | $20B in EIDL Advance has been fully exhausted and
disbursed
Applications Application ($) Approved Approved ($) Disbursements Disbursed $
8,195,968 $28B 5,781,390 $20B 5,781,390 $20B
21
EIDL Advance | 51% of Advances are $1k, totaling 15% of volume
Advance Size Breakdown by Approved Count Advance Size Breakdown by Approved $
$1-2k
$2-4k $1-2k
$4-6k $2-4k
$8-10k, 17% $4-6k
$6-8k $1-2k, 21%
$6-8k, 4% $6-8k
$8-10k
$8-10k
$4-6k, 6%
$8-10k, 50% $2-4k, 11%
$1-2k, 62%
$2-4k, 11%
$4-6k,
10%
$6-8k,
8%
22
EIDL Advance | EIDL Advance has reached all 50 states and nearly all US
territories
% of total against proportion of total US businesses with <500 employees
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00% AK
AL
AR
AS
AZ
CA
CO
CT
DC
DE
FL
GA
GU
HI
IA
ID
IL
IN
KS
KY
LA
MA
MD
ME
MI
MN
MO
MP
MS
MT
NC
ND
NE
NH
NJ
NM
NV
NY
OH
OK
OR
PA
PR
RI
SC
SD
TN
TX
UT
VA
VT
WA
WI
WV
WYVI
*Red markers detail the proportion of US Businesses with < 500 employees by state (Source: US Census, SUSB), this is data for employer businesses and doesn’t include 23
independent contractors
EIDL Advance | Retail Trade accounts for 13% of all advances
% of total lending
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
*Other includes Educ. Services, Mining, Finance & Insurance, Public Admin., Management of Companies & Enterprises, Utilities, and Unclassified Establishments Industries 24
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