SBA COVID Relief Program Report (2021.02.12 - SBA COVID Relief Program Report - vFINALSHARE-508)
Summary
An SBA COVID Relief Program Report whose Paycheck Protection Program section is marked data as of 02/11/21. It shows Loan Intake of 1,701,494 and $137.6B, with 1,510,535 Loans Approved for $115.3B and an Avg Loan Size of $76,362. LMI Neighborhoods are listed at 339,851 loans and $28,575,871,546, or 24.77% of approved dollars. The forgiveness section reports ~31% of loans have completed the process, and the EIDL section says EIDL has approved $199.4B in loans since April.
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“SBA COVID Relief Program Report (2021.02.12 - SBA COVID Relief Program Report - vFINALSHARE-508).”
Original at legacy.sba.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/sba-covid-relief-program-report-2021-02-12-sba-covid-relief-program-re-f94f3504dc/
, SHA-256 0f87e9a7521f912460417a5070c6b22b703663fe72fbbcf510733c678e5ce561.Full text
Paycheck Protection
Program
Data as of 02/11/21
PPP | The current round of PPP is pacing steadily
Loans Avg Loan
Loan Intake* Loan Intake* ($) Approved Approved ($) Size
1,701,494 $137.6B 1,510,535 $115.3B $76,362
$14 $140
Billions $12 All lenders
permitted
$120
Billions
$10 $100
$8 $80
Lenders <$1B
$6 allowed to lend $60
$4 $40
$2 $20
$0 $0
1/11 1/12 1/13 1/14 1/15 1/16 1/17 1/18 1/19 1/20 1/21 1/22 1/23 1/24 1/25 1/26 1/27 1/28 1/29 1/30 1/31 2/1 2/2 2/3 2/4 2/5 2/6 2/7 2/8 2/9 2/10 2/11
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 $
$140 100%
Total Volume** ($) Total Set Aside
Billions
90%
$120
80% First Draw Loans <=10 employees $6.6B
$15B
$100 70% First Draw Loans LMI & < $250k $1.8B
$80 60%
Second Draw Loans <=10 employees $26.9B
50% $25B
$60 40% Second Draw Loans LMI & <$250k $11.9B
$40 30% Community Financial Institutions $5.1B $15B
20%
$20 First & Second Draw from IDIs, CUs,
10% FCSIs < $10B * $59.1B $15B
$0 0%
2/2 2/4 2/6 2/8 New First Draw Borrowers $9.4B $35B
1/11 1/13 1/15 1/17 1/19 1/21 1/23 1/25 1/27 1/29 1/31 2/10
*Insured Depository Institutions, Credit Unions, and Farm Credit System Institutions
Cumulative Approved ($) % LMI % Rural % <$150k **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 $) 24.8% 17.7% 38.5%
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 -
>$1M, 17%
$250K, 11%
<$100K <$100K, 28% <$100K
$100K - $250K $100K - $250K
$250K - $1M $250K - $1M
$250K - $1M, 33%
>$1M >$1M
$100K - $250K,
22%
<$100K, 83%
5
PPP | There is still limited demographic data on PPP borrowers. The SBA is working to
improve optional response rate and reaching underserved small businesses
Loans Approved Approved ($) Avg Loan Size % of Approved Dollars
LMI* Neighborhoods 339,851 $28,575,871,546 $84,084 24.77%
Rural* 416,307 $20,365,445,146 $48,919 17.66%
Race/Ethnicity % Approved Count % Approved Dollars
American Indian or Alaska Native 1.1% 0.9%
Asian 3.1% 2.3%
Black or African American 3.9% 1.4%
Eskimo & Aleut 0.0% 0.0%
Hispanic 3.5% 2.8%
Multi Group 0.0% 0.0%
Puerto Rican 0.0% 0.0%
Unanswered 74.8% 79.5%
White 13.7% 13.2%
Gender % Approved Count % Approved Dollars Veteran % Approved Count % Approved Dollars
Female 3.7% 1.0% Non-Veteran 8.6% 2.4%
Male 7.0% 2.1% Unknown/Not Stated 90.9% 97.4%
Unknown/Not Stated 89.3% 96.9% Veteran 0.6% 0.2%
*Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
6
PPP | Large institutions are driving the majority of PPP lending. Non-bank
lenders are reaching underserved businesses with a larger proportion of their
loans Lender Type
Banks and S&Ls >
Loans Approved Approved ($) % Total % <$150k % LMI** % Rural**
$50B 341,231 $28,639,607,554 24.83% 40.76% 24.23% 7.39%
Banks and S&Ls
$10B - $50B 230,076 $19,798,070,888 17.16% 34.10% 26.58% 13.74%
Banks and S&Ls
$1B - $10B 301,434 $32,004,478,927 27.75% 30.52% 24.03% 18.33%
Banks and S&Ls <
$1B 343,260 $21,491,795,257 18.63% 41.39% 22.25% 35.64% Green – Above
BIDCOs 5 $115,387 0.00% 100.00% 0.00% 6.47% program average
Credit Unions 44,592 $2,153,692,823 1.87% 54.52% 25.19% 18.56% No color –
Farm Credit Approximately
Lenders 10,725 $260,732,782 0.23% 78.66% 12.56% 72.06% program average
Fintechs (and Yellow checkerboard
other State – Below program
Regulated) 133,271 $4,005,150,530 3.47% 66.72% 32.64% 9.57% average
Small Business
Lending
Companies 33,642 $1,866,715,764 1.62% 49.82% 27.68% 6.48%
CFI 72,299 $5,127,593,216 4.45% 40.61% 29.34% 17.79%
Program Averages (by approved $) 38.5% 24.8% 17.7%
*CDFI defined as Community Development Financial Institutions, BIDCOs defined as Business and Industrial Development Corporations 7
**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
WAVI
WI
WV
WY
*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
8
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 9
**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 02/11/21
Forgiveness | ~31% of loans have completed the forgiveness process,
totaling ~27% of total 2020 PPP volume
Total 2020 PPP Amount Not Applications not yet
Volume Forgiven Forgiven In Process received
Count 5.1M 1.6M - 189k 3.4M
Volume $521.3B $142.6B $0.42B $76.4B $302.0B
$20 $160
Billions Billions
$18 $140
$16
$120
$14
$12 $100
$10 $80
$8 $60
$6
$40
$4
$2 $20
$0 $0
August
8/30 9/6 9/13 9/20 9/27 10/4 11/1 11/8 12/6 1/3 1/10 1/17 1/24 1/31 2/7
10/11 10/18 10/25 11/15 11/22 11/29 12/13 12/20 12/27
Submitted (Loan Value) Forgiven Cumulative Forgiven
11
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 $33.4 B $0.13 B 99.6% $2.9 B $73.7 B $110.1 B 33.1%
$100K - $250K $29.0 B $0.08 B 99.7% $5.2 B $51.7 B $85.9 B 39.8%
$250 - $1M $55.2 B $0.14 B 99.7% $15.4 B $76.5 B $147.3 B 48.0%
>$1M $25.0 B $0.08 B 99.7% $52.9 B $100.0 B $177.9 B 43.8%
Total $142.6 B $0.43 B 99.7% $76.4 B $302.0 B $521.3 B 42.1%
Forgiven count by loan size Forgiven value by loan size
$250 - $1M, 8%
>$1M, 1% >$1M <$100K
$100K - <$100K
$250K, 12% 18% $100K - $250K
23%
$250 - $1M
<$100K >$1M
<$100K, $100K - $250K $100K -
79% $250 - $1M $250K
$250 - $1M
39% 20%
>$1M
12
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(less than
$10B) $75,320M $191M 99.7% $31,627M $86,635M $193,772M 55.3%
Banks and S&Ls($10B or
more) $62,384M $218M 99.7% $42,731M $197,694M $303,027M 34.8%
Credit Unions (less than
$10B) $3,058M $12M 99.6% $1,078M $4,306M $8,453M 49.1%
Fintechs (and other State
Regulated) $432M $1M 99.8% $106M $3,314M $3,853M 14.0%
Small Business Lending
Companies $529M $1M 99.8% $460M $7,930M $8,920M 11.1%
To Be Confirmed $0M $0M 100.0% $0M $10M $10M 0.6%
Credit Unions ($10B or
more) $278M $1M 99.6% $90M $525M $895M 41.3%
Microlenders $71M $0M 99.8% $24M $137M $233M 41.2%
Farm Credit Lenders $353M $0M 99.9% $266M $761M $1,380M 44.8%
Non Bank CDFI Funds $83M $0M 99.9% $39M $226M $348M 35.0%
Certified Development
Companies $103M $0M 99.7% $32M $266M $401M 33.6%
BIDCOs $0M $0M 100.0% $0M $0M $1M 65.3%
13
Economic Injury
Disaster Loans (EIDL)
Data as of 02/11/21
EIDL | Since April, EIDL has approved $199.4B in loans
Loans Approved Approved ($) Disbursements Disbursed $
3.7M $199.4B 3.5M $191.5B (96%)
15
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 $
$100K - $150K, 21% >$150K, 1% >$150K, 4%
<$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%
16
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
WAVI
WI
WV
WY
*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 17
independent contractors
EIDL | Retail Trade accounts for ~15% of all lending
% of total lending
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
*Other includes Information, Mining, Finance & Insurance, Public Admin., Management of Companies & Enterprises, Utilities, and Unclassified Establishments Industries 18
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
20
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%
21
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
WAVI
WI
WV
WY
*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 22
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 23
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