SBA COVID Relief Program Report (2021.03.12 - SBA COVID Relief Program Report - vFINALSHARE-508)
Summary
In this SBA COVID Relief Program Report, the PPP page headline says the current round of PPP has approved 2.5M loans for $168.5B volume, with data as of 03/11/21. The table lists 2,805,321 in Loan Intake for $192.3B and 2,516,247 Loans Approved at an Avg Loan Size of $66,965. Rural loans are listed at 658,485 and $28,846,141,372 (17.12%). Forgiveness covers ~39% of loans and ~34% of total 2020 PPP volume, and the EIDL page reports $200B approved since April.
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“SBA COVID Relief Program Report (2021.03.12 - 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-2021-03-12-sba-covid-relief-program-re-716cffa07d/
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Paycheck Protection
Program
Data as of 03/11/21
PPP | The current round of PPP has approved 2.5M loans for $168.5B volume
Loan Intake* Loan Intake* ($) Loans Approved Approved ($) Avg Loan Size
2,805,321 $192.3B 2,516,247 $168.5B $66,965
$14 $180
Billions Billions
$12 $160
All lenders
permitted
$140
$10
$120
$8 $100
Lenders <$1B $80
$6 allowed to lend
$60
$4
$40
$2 $20
$0 $0
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 $
$180 100.0%
Total Volume** ($) Total Set Aside
Billions
$160 90.0%
First Draw Loans <=10 employees $13.3B
$140 80.0% $15B
70.0% First Draw Loans LMI & < $250k $4.1B
$120
60.0% Second Draw Loans <=10 employees $40.8B
$100 $25B
50.0%
$80 Second Draw Loans LMI & <$250k $17.5B
40.0%
$60
30.0%
Community Financial Institutions $7.4B $15B
$40 20.0% First & Second Draw from IDIs, CUs,
$20 FCSIs < $10B * $79.2B $15B
10.0%
$0 0.0% New First Draw Borrowers $18.8B $35B
1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8
Cumulative Approved ($) % 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 $) 25.2% 17.1% 41.3%
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 $250k, totaling 52% of loan volume
Loan Size Breakdown by Approved Count Loan Size Breakdown by Approved ($)
$250K - $1M, 5% >$1M, 1%
$100K -
$250K, 9% >$1M, 17%
<$100K <$100K
<$100K, 31%
$100K - $250K $100K - $250K
$250K - $1M $250K - $1M, 31% $250K - $1M
>$1M >$1M
$100K - $250K,
<$100K, 85% 21%
5
PPP | The current round of PPP is successfully reaching smaller borrowers
with 92% of all loans to businesses with 20 employees or fewer, totaling 50%
of loan volume
Number of Employees Breakdown by Approved Count Number of Employees Breakdown by Approved ($)
21 - 50, 6% > 50, 2% 1, 9%
11 - 20, 9%
> 50, 27%
1 1
2 - 10 2 - 10
1, 46% 2 - 10, 23%
11 - 20 11 - 20
21 - 50 21 - 50
2 - 10, 37% > 50 > 50
21 - 50, 24% 11 - 20, 17%
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 606,011 $42,392,821,429 $69,954 25.16%
Rural* 658,485 $28,846,141,372 $43,807 17.12%
% Approved Count % Approved Dollars
American Indian or Alaska Native 1.16% 0.96%
Asian 3.22% 2.62%
Black or African American 5.50% 2.16%
Eskimo & Aleut 0.00% 0.00%
Multi Group 0.00% 0.00%
Native Hawaiian or Other Pacific Islander 0.09% 0.07%
Puerto Rican 0.01% 0.00%
Unanswered 74.00% 78.56%
White 16.02% 15.64%
Ethnicity % Approved Count % Approved Dollars
Hispanic or Latino 3.62% 2.85%
Not Hispanic or Latino 29.11% 30.14%
Unknown/NotStated 67.27% 67.01%
Gender % Approved Count % Approved Dollars Veteran % Approved Count % Approved Dollars
Female 13.23% 9.78% Non-Veteran 33.04% 34.33%
Male 28.79% 34.57% Unknown/Not Stated 64.82% 63.34%
Unknown/NotStated 57.98% 55.66% Veteran 2.14% 2.33%
*Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
7
PPP | Large institutions are driving the majority of PPP lending. Non-bank
lenders are reaching underserved businesses with a larger proportion of their
loans Lender Type Loans Approved Approved ($) % Total % <$150k % LMI** % Rural**
Banks and S&Ls >
$50B 594,051 $46,400,385,594 27.54% 42.21% 24.27% 7.45%
Banks and S&Ls
$10B - $50B 416,681 $29,520,112,343 17.52% 37.93% 27.12% 13.50%
Banks and S&Ls $1B
- $10B 450,257 $43,682,051,517 25.92% 31.91% 24.11% 18.37%
Banks and S&Ls <
$1B 498,927 $27,740,550,115 16.46% 43.80% 22.15% 36.35% Green – Above
program average
BIDCOs 9 $244,360 0.00% 100.00% 25.17% 3.05% No color –
Approximately
Credit Unions 69,938 $3,009,812,897 1.79% 57.40% 24.92% 18.24% program average
Yellow checkerboard
Farm Credit Lenders 22,070 $541,245,514 0.32% 78.79% 10.43% 71.09%
– Below program
Fintechs (and other
average
State Regulated) 273,337 $7,125,699,430 4.23% 73.18% 35.66% 9.43%
Small Business
Lending Companies 69,720 $3,031,262,989 1.80% 54.99% 29.66% 7.37%
CFI 120,711 $7,425,314,339 4.41% 43.38% 29.55% 19.55%
To Be Confirmed 546 $24,979,273 0.01% 42.62% 15.43% 59.26%
Program Averages (by approved $) 41.3% 25.2% 17.1%
*CDFI defined as Community Development Financial Institutions, BIDCOs defined as Business and Industrial Development Corporations 8
**Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
PPP | CFI lender type breakdown
Lender Type Loans Approved Approved ($) % of CFI Total % <$150k % LMI** % Rural**
Banks and S&Ls >
$50B 12,793 $1,057,720,705 14.24% 31.70% 26.88% 28.48%
Banks and S&Ls $10B
- $50B 7,788 $618,410,242 8.33% 38.80% 36.12% 17.62%
Banks and S&Ls $1B -
$10B 26,927 $2,228,950,436 30.02% 39.35% 29.44% 14.76%
Banks and S&Ls < $1B 31,251 $1,889,357,996 25.44% 43.76% 29.14% 25.78%
Certified Green – Above
Development program average
Companies 3,063 $168,089,203 2.26% 62.74% 30.83% 6.70% No color –
Approximately
Credit Unions 16,132 $711,860,287 9.59% 54.48% 28.71% 17.46% program average
Fintechs (and other Yellow checkerboard
State Regulated) 11,278 $335,840,462 4.52% 55.12% 24.15% 16.31% – Below program
average
Microlenders 5,798 $159,418,828 2.15% 74.95% 33.71% 13.28%
Non Bank CDFI Funds 4,249 $128,433,352 1.73% 77.67% 30.03% 6.90%
Small Business
Lending Companies 1,432 $127,232,828 1.71% 34.73% 39.50% 4.08%
Program Averages (by approved $) 41.3% 25.2% 17.1%
*CDFI defined as Community Development Financial Institutions, BIDCOs defined as Business and Industrial Development Corporations 9
**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
10
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 11
**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 03/11/21
Forgiveness | ~39% of loans have completed the forgiveness process,
totaling ~34% of total 2020 PPP volume
Total 2020 PPP Amount Not Applications not yet
Volume Forgiven Forgiven In Process received
Count 5.2M 2.0M - 199k 2.9M
Volume $521.2B $178.7B $0.5B $83.3B $258.7B
$20 $200
Billions Billions
$18 $180
$16 $160
$14 $140
$12 $120
$10 $100
$8 $80
$6 $60
$4 $40
$2 $20
$0 August $0
8/30
9/6
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
1/3
1/10
1/17
1/24
1/31
2/7
2/14
2/21
2/28
3/7
Submitted (Loan Value) Forgiven Cumulative Forgiven
13
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 $44.1 B $0.2 B 99.6% $3.4 B $62.6 B $110.2 B 43.2%
$100K - $250K $36.7 B $0.1 B 99.7% $4.9 B $44.2 B $85.9 B 48.6%
$250 - $1M $67.1 B $0.2 B 99.7% $14.3 B $65.6 B $147.3 B 55.4%
>$1M $30.8 B $0.1 B 99.7% $60.7 B $86.3 B $177.9 B 51.5%
Total $178.7 B $0.5 B 99.7% $83.3 B $258.7 B $521.2 B 50.4%
Forgiven count by loan size Forgiven value by loan size
$250 - $1M, 7%
$100K - >$1M, 1% >$1M <$100K
$250K, 12% 17% $100K - $250K
<$100K $250 - $1M
<$100K 38%
$250 - $1M >$1M
<$100K, $100K - $250K 20%
80%
$250 - $1M $100K -
>$1M $250K
25%
14
Forgiveness | Most types of lenders have submitted nearly ½ 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) $80,350 M $282 M 99.6% $48,173 M $174,043 M $302,848 M 42.5%
Banks and S&Ls(less than
$10B) $91,607 M $239 M 99.7% $32,699 M $69,253 M $193,798 M 64.3%
BIDCOs $1 M $0 M 100.0% $0 M $0 M $1 M 100.0%
Certified Development
Companies $151 M $0 M 99.7% $31 M $220 M $402 M 45.3%
Credit Unions ($10B or
more) $345 M $2 M 99.5% $77 M $471 M $895 M 47.4%
Credit Unions (less than
$10B) $3,861 M $15 M 99.6% $1,092 M $3,489 M $8,457 M 58.7%
Farm Credit Lenders $426 M $0 M 99.9% $304 M $682 M $1,412 M 51.7%
Fintechs (and other State
Regulated) $651 M $2 M 99.8% $142 M $3,050 M $3,845 M 20.7%
Microlenders $94 M $0 M 99.7% $23 M $115 M $233 M 50.5%
Non Bank CDFI Funds $101 M $0 M 99.9% $42 M $206 M $349 M 41.0%
Small Business Lending
Companies $1,088 M $2 M 99.8% $830 M $7,002 M $8,922 M 21.5%
To Be Confirmed $27 M $0 M 99.9% $1 M $16 M $44 M 63.2%
15
Economic Injury
Disaster Loans (EIDL)
Data as of 03/04/21
EIDL | Since April, EIDL has approved $200B in loans
Loans Approved Approved ($) Disbursements Disbursed $
3.7M $200.5B 3.5M $192.8B (96%)
17
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%
18
EIDL | EIDL has reached all 50 states
% of total against proportion of total US businesses with <500 employees
18.0%
16.0%
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 19
independent contractors
EIDL | Retail Trade accounts for ~14% 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 20
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
22
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%
23
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 24
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 25
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