SBA COVID Relief Program Report (2021.03.20 - SBA COVID Relief Program Report - vFINALSHARE-508)
Summary
This SBA COVID Relief Program Report gives Paycheck Protection Program data as of 03/18/21 and a PPP headline of 2.9M loans approved for $190.5B volume. It shows 3,135,354 in Loan Intake for $204.2B, 2,957,787 Loans Approved, and an Avg Loan Size of $64,428. Loans of less than $250k are 95% of all loans, totaling 52% of loan volume. The EIDL page shows $200.8B approved and $193.1B disbursed (96%). On forgiveness, ~40% of loans have completed the process.
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“SBA COVID Relief Program Report (2021.03.20 - 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-2021-03-20-sba-covid-relief-program-re-dcbd13d4b6/
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Paycheck Protection
Program
Data as of 03/18/21
PPP | The current round of PPP has approved 2.9M loans for $190.5B volume
Loan Intake* Loan Intake* ($) Loans Approved Approved ($) Avg Loan Size
3,135,354 $204.2B 2,957,787 $190.5B $64,428
$14 $250
Billions $12
All lenders Billions
$200
permitted
$10
$8 $150
Lenders <$1B
$6 allowed to lend $100
$4
$50
$2
$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 2/26 2/28 3/2 3/4 3/6 3/8 3/10 3/12 3/14 3/16 3/18
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 $
$250 100.0%
Total Volume** ($) Total Set Aside
Billions
90.0%
First Draw Loans <=10 employees $17.2B
$200 80.0% $15B
70.0% First Draw Loans LMI & < $250k $5.5B
$150 60.0% Second Draw Loans <=10 employees $44.3B
50.0%
$25B
Second Draw Loans LMI & <$250k $19.1B
$100 40.0%
30.0%
Community Financial Institutions $8.5B $15B
$50 20.0% First & Second Draw from IDIs, CUs,
FCSIs < $10B * $86.1B $15B
10.0%
$0 0.0% New First Draw Borrowers $23.7B $35B
1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8 3/15
Cumulative Approved ($) % 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 $) 25.3% 16.9% 41.2%
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 95% of all loans less than $250k, totaling 52% of loan volume
Loan Size Breakdown by Approved Count Loan Size Breakdown by Approved ($)
$250K - $1M, 4% >$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,
<$100K, 86% 21%
5
PPP | The current round of PPP is successfully reaching smaller borrowers
with 93% of all loans to businesses with 20 employees or fewer, totaling 49%
of loan volume
Number of Employees Breakdown by Approved Count Number of Employees Breakdown by Approved ($)
21 - 50, 5% > 50, 2% 1, 10%
11 - 20, 9%
> 50, 27%
1 1
2 - 10 2 - 10
1, 49% 11 - 20 2 - 10, 22% 11 - 20
2 - 10, 35% 21 - 50 21 - 50
> 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 731,802 $48,287,352,698 $65,984 25.34%
Rural* 770,429 $32,187,285,798 $41,778 16.89%
% Approved Count % Approved Dollars
American Indian or Alaska Native 1.13% 0.97%
Asian 3.13% 2.67%
Black or African American 6.05% 2.41%
Eskimo & Aleut 0.00% 0.00%
Multi Group 0.00% 0.00%
Native Hawaiian or Other Pacific Islander 0.09% 0.07%
Puerto Rican 0.00% 0.00%
Unanswered 73.23% 77.83%
White 16.37% 16.04%
Ethnicity % Approved Count % Approved Dollars
Hispanic or Latino 3.64% 2.92%
Not Hispanic or Latino 29.21% 29.89%
Unknown/NotStated 67.15% 67.19%
Gender % Approved Count % Approved Dollars Veteran % Approved Count % Approved Dollars
Female 13.56% 9.9% Non-Veteran 33.33% 34.23%
Male 28.47% 34.2% Unknown/Not Stated 64.54% 63.45%
Unknown/NotStated 57.96% 55.9% Veteran 2.13% 2.32%
*Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
7
PPP | Large institutions are driving the majority of PPP lending. Non-bank
lenders are reaching underserved businesses with a larger proportion of their
loans Lender Type Loans Approved Approved ($) % Total % <$150k % LMI** % Rural**
Banks and S&Ls >
$50B 670,811 $55,182,406,860 28.96% 39.50% 24.33% 7.35%
Banks and S&Ls
$10B - $50B 499,418 $33,272,795,560 17.46% 38.40% 27.34% 13.38%
Banks and S&Ls $1B
- $10B 504,884 $47,358,905,297 24.85% 32.07% 24.13% 18.55%
Banks and S&Ls <
$1B 578,773 $30,144,669,103 15.82% 44.71% 22.22% 36.67% Green – Above
program average
BIDCOs 10 $249,601 0.00% 100.00% 24.45% 2.99% No color –
Approximately
Credit Unions 81,956 $3,324,574,929 1.74% 58.20% 25.18% 18.47% program average
Yellow checkerboard
Farm Credit Lenders 25,436 $622,194,853 0.33% 78.85% 10.70% 71.73%
– Below program
Fintechs (and other
average
State Regulated) 327,602 $8,375,380,895 4.40% 74.94% 36.16% 9.57%
Small Business
Lending Companies 107,110 $3,730,132,741 1.96% 57.88% 30.26% 7.26%
CFI 161,181 $8,527,853,776 4.48% 45.51% 30.15% 19.82%
To Be Confirmed 606 $25,817,977 0.01% 44.49% 15.38% 59.58%
Program Averages (by approved $) 41.2% 25.3% 16.9%
*CDFI defined as Community Development Financial Institutions, BIDCOs defined as Business and Industrial Development Corporations 8
**Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
PPP | CFI lender type breakdown
Lender Type Loans Approved Approved ($) % of CFI Total % <$150k % LMI** % Rural**
Banks and S&Ls >
$50B 14,108 $1,162,217,409 13.63% 31.21% 26.69% 30.90%
Banks and S&Ls
$10B - $50B 8,707 $669,738,616 7.85% 38.73% 36.06% 19.24%
Banks and S&Ls $1B
- $10B 30,272 $2,437,616,833 28.58% 39.27% 29.83% 14.73%
Banks and S&Ls <
$1B 36,502 $2,071,201,794 24.29% 44.42% 29.37% 26.63%
Certified
Green – Above
Development
program average
Companies 3,552 $188,911,446 2.22% 62.52% 30.10% 6.50%
No color –
Credit Unions 18,948 $781,616,105 9.17% 55.84% 28.84% 17.70% Approximately
Fintechs (and other program average
State Regulated) 30,788 $658,828,372 7.73% 72.21% 31.40% 14.26% Yellow checkerboard
– Below program
Microlenders 7,257 $187,501,165 2.20% 75.01% 34.60% 12.76% average
Non Bank CDFI
Funds 9,149 $196,171,555 2.30% 80.29% 32.00% 8.69%
Small Business
Lending Companies 1,898 $174,050,482 2.04% 30.39% 38.49% 3.25%
Program Averages (by approved $) 41.2% 25.3% 16.9%
*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 03/18/21
Forgiveness | ~40% of loans have completed the forgiveness process,
totaling ~36% of total 2020 PPP volume
Total 2020 PPP Amount Not Applications not yet
Volume Forgiven Forgiven In Process received
Count 5.2M 2.1M - 234k 2.8M
Volume $521.2B $186.1B $0.6B $86.2B $248.3B
$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
3/14
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 $47.0 B $0.2 B 99.6% $4.4 B $58.6 B $110.2 B 46.8%
$100K - $250K $38.5 B $0.1 B 99.7% $5.4 B $41.9 B $85.9 B 51.3%
$250 - $1M $68.9 B $0.2 B 99.7% $14.6 B $63.6 B $147.3 B 56.8%
>$1M $31.7 B $0.1 B 99.7% $61.8 B $84.2 B $177.9 B 52.6%
Total $186.1 B $0.6 B 99.7% $86.2 B $248.3 B $521.2 B 52.4%
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
37%
<$100K $250 - $1M >$1M
<$100K, $100K - $250K 21%
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) $84,429M $297M 99.65% $50,261M $167,851M $302,838M 44.57%
Banks and S&Ls(less than
$10B) $94,516M $246M 99.74% $33,342M $65,712M $193,816M 66.10%
BIDCOs $1M $0M 100.00% $0M $0M $1M 100.00%
Certified Development
Companies $164M $0M 99.75% $33M $206M $402M 48.86%
Credit Unions ($10B or
more) $352M $2M 99.53% $85M $457M $895M 48.95%
Credit Unions (less than
$10B) $4,047M $16M 99.61% $1,081M $3,313M $8,457M 60.82%
Farm Credit Lenders $443M $0M 99.90% $315M $657M $1,415M 53.57%
Fintechs (and other State
Regulated) $658M $2M 99.76% $143M $3,033M $3,836M 20.92%
Microlenders $99M $0M 99.66% $24M $110M $233M 52.64%
Non Bank CDFI Funds $106M $0M 99.91% $44M $199M $349M 42.89%
Small Business Lending
Companies $1,272M $2M 99.86% $901M $6,746M $8,921M 24.38%
To Be Confirmed $27M $0M 99.90% $1M $16M $44M 63.28%
15
Economic Injury
Disaster Loans (EIDL)
Data as of 03/18/21
EIDL | Since April, EIDL has approved $200B in loans
Loans Approved Approved ($) Disbursements Disbursed $
3.75M $200.8B 3.6M $193.1B (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
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 19
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 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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