SBA COVID Relief Program Report (2021.03.27 - SBA COVID Relief Program Report - vFINALSHARE-508)
Summary
Data as of 03/25/21 for the Paycheck Protection Program in an SBA COVID Relief Program Report: the headline reads 3.5M loans approved for $205.1B volume, with 3,584,994 in Loan Intake for $217.8B and 3,392,828 Loans Approved at an Avg Loan Size of $60,459. Rural loans total 879,740 and $34,742,438,843 (16.9% of approved dollars). A PPP page says 95% of all loans are less than $250k, totaling 53% of loan volume. Forgiveness stands at ~44% of loans and ~37% of 2020 PPP volume.
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“SBA COVID Relief Program Report (2021.03.27 - 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-2021-03-27-sba-covid-relief-program-re-8f6d6bf971/
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Paycheck Protection
Program
Data as of 03/25/21
PPP | The current round of PPP has approved 3.5M loans for $205.1B volume
Loan Intake* Loan Intake* ($) Loans Approved Approved ($) Avg Loan Size
3,584,994 $217.8B 3,392,828 $205.1B $60,459
$12 All lenders
$250
Billions Billions
permitted
$10
$200
$8
Lenders <$1B $150
$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 3/20 3/22 3/24
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 $
$250 100.0%
Total Volume** ($) Total Set Aside
Billions
90.0%
First Draw Loans <=10 employees $21.2B
$200 80.0% $15B
70.0% First Draw Loans LMI & < $250k $6.9B
$150 60.0% Second Draw Loans <=10 employees $47.4B
50.0%
$25B
Second Draw Loans LMI & <$250k $20.3B
$100 40.0%
30.0%
Community Financial Institutions $9.8B $15B
$50 20.0% First & Second Draw from IDIs, CUs,
FCSIs < $10B * $90.6B $15B
10.0%
$0 0.0% New First Draw Borrowers $28.9B $35B
1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8 3/15 3/22
Cumulative Approved ($) % 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 $) 25.5% 16.9% 42.1%
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 95% of all loans less than $250k, totaling 53% of loan volume
Loan Size Breakdown by Approved Count Loan Size Breakdown by Approved ($)
$250K - $1M, 4% >$1M, 1%
$100K -
$250K, 8% >$1M, 17%
<$100K <$100K
$100K - $250K <$100K, 33% $100K - $250K
$250K - $1M $250K - $1M, 30% $250K - $1M
>$1M >$1M
$100K - $250K,
<$100K, 87% 20%
5
PPP | The current round of PPP is successfully reaching smaller borrowers
with 93% of all loans to businesses with 20 employees or fewer, totaling 49%
of loan volume
Number of Employees Breakdown by Approved Count Number of Employees Breakdown by Approved ($)
21 - 50, 5% > 50, 2% 1, 11%
11 - 20, 8%
> 50, 28%
1 1
2 - 10 2 - 10
2 - 10, 32% 1, 53%
11 - 20 11 - 20
2 - 10, 22%
21 - 50 21 - 50
> 50 > 50
21 - 50, 23% 11 - 20, 16%
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 857,736 $52,319,274,626 $60,997 25.5%
Rural* 879,740 $34,742,438,843 $39,492 16.9%
% Approved Count % Approved Dollars
American Indian or Alaska Native 1.1% 1.0%
Asian 3.0% 2.7%
Black or African American 6.7% 2.7%
Eskimo & Aleut 0.0% 0.0%
Multi Group 0.0% 0.0%
Native Hawaiian or Other Pacific Islander 0.1% 0.1%
Puerto Rican 0.0% 0.0%
Unanswered 72.5% 77.3%
White 16.6% 16.3%
Ethnicity % Approved Count % Approved Dollars
Hispanic or Latino 3.7% 3.0%
Not Hispanic or Latino 29.4% 29.9%
Unknown/NotStated 66.9% 67.2%
Gender % Approved Count % Approved Dollars Veteran % Approved Count % Approved Dollars
Female 14.0% 10.0% Non-Veteran 33.8% 34.3%
Male 28.3% 34.0% Unknown/Not Stated 64.1% 63.4%
Unknown/NotStated 57.7% 56.0% Veteran 2.1% 2.3%
*Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
7
PPP | Large institutions are driving the majority of PPP lending. Non-bank
lenders are reaching underserved businesses with a larger proportion of their
loans Lender Type Loans Approved Approved ($) % Total % <$150k % LMI** % Rural**
Banks and S&Ls >
$50B 753,398 $60,186,080,494 29.3% 39.5% 24.4% 7.4%
Banks and S&Ls $10B
- $50B 571,655 $35,987,633,755 17.5% 39.5% 27.5% 13.4%
Banks and S&Ls $1B -
$10B 559,899 $49,728,809,931 24.2% 32.8% 24.1% 18.8%
Banks and S&Ls < $1B 639,811 $31,710,276,420 15.5% 45.6% 22.2% 37.3%
Green – Above
BIDCOs 11 $250,002 0.0% 100.0% 24.6% 3.0% program average
No color –
Credit Unions 92,450 $3,567,784,092 1.7% 59.1% 25.0% 18.8% Approximately
program average
Farm Credit Lenders 28,192 $688,721,211 0.3% 78.7% 11.1% 71.4%
Yellow checkerboard
Fintechs (and other
State Regulated) 351,918 $8,783,423,501 4.3% 75.1% 35.9% 9.7% – Below program
Small Business average
Lending Companies 170,525 $4,598,585,579 2.2% 63.7% 31.5% 7.5%
CFI 224,237 $9,848,250,027 4.8% 50.4% 31.8% 19.7%
To Be Confirmed 732 $27,587,243 0.0% 48.0% 15.3% 61.3%
Program Averages (by approved $) 42.1% 25.5% 16.9%
*CDFI defined as Community Development Financial Institutions, BIDCOs defined as Business and Industrial Development Corporations 8
**Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
PPP | CFI lender type breakdown
Lender Type Loans Approved Approved ($) % of CFI Total % <$150k % LMI** % Rural**
Banks and S&Ls >
$50B 14,108 $1,162,217,409 13.63% 32.6% 27.0% 34.3%
Banks and S&Ls $10B
- $50B 8,707 $669,738,616 7.85% 39.2% 36.2% 19.9%
Banks and S&Ls $1B -
$10B 30,272 $2,437,616,833 28.58% 39.8% 29.8% 15.0%
Banks and S&Ls < $1B 36,502 $2,071,201,794 24.29% 44.9% 29.6% 27.3%
Certified
Development
Green – Above
Companies 3,552 $188,911,446 2.22% 63.9% 30.2% 6.4% program average
No color –
Credit Unions 18,948 $781,616,105 9.17% 57.1% 29.3% 17.7% Approximately
Fintechs (and other program average
State Regulated) 30,788 $658,828,372 7.73% 86.2% 40.8% 11.7% Yellow checkerboard
– Below program
Microlenders 7,257 $187,501,165 2.20% 75.7% 35.6% 13.1% average
Non Bank CDFI Funds 9,149 $196,171,555 2.30% 81.0% 32.7% 8.8%
Small Business
Lending Companies 1,898 $174,050,482 2.04% 30.6% 37.4% 3.2%
Program Averages (by approved $) 42.1% 25.5% 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 17% of all lending,
driven primarily by restaurants
% of total lending 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%
*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 03/26/21
Forgiveness | ~44% of loans have completed the forgiveness process,
totaling ~37% of total 2020 PPP volume
Total 2020 PPP Amount Not Applications not yet
Volume Forgiven Forgiven In Process received
Count 5.2M 2.3M - 246k 2.6M
Volume $521.2B $194.5B $0.6B $87.8B $238.3B
$20 $250
Billions Billions
$18
$16 $200
$14
$12 $150
$10
$8 $100
$6
$4 $50
$2
$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
3/21
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 $50.6 B $0.2 B 99.6% $4.6 B $54.8 B $110.2 B 50.3%
$100K - $250K $40.6 B $0.1 B 99.7% $5.4 B $39.8 B $85.9 B 53.7%
$250 - $1M $70.6 B $0.2 B 99.7% $14.8 B $61.7 B $147.3 B 58.1%
>$1M $32.7 B $0.1 B 99.7% $63.0 B $82.0 B $177.9 B 53.9%
Total $194.5 B $0.6 B 99.7% $87.8 B $238.3 B $521.2 B 54.3%
Forgiven count by loan size Forgiven value by loan size
$250 - $1M, 7%
$100K - >$1M, 1% >$1M <$100K
$250K, 11% 17% $100K - $250K
<$100K
$250 - $1M
36%
<$100K $250 - $1M >$1M
<$100K, $100K - $250K 21%
81%
$250 - $1M $100K -
>$1M $250K
26%
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) $89,510 M $314 M 99.7% $51,481 M $161,560 M $302,865 M 46.7%
Banks and S&Ls(less than
$10B) $97,474 M $257 M 99.7% $33,648 M $62,446 M $193,825 M 67.8%
BIDCOs $1 M $0 M 100.0% $0 M $0 M $1 M 100.0%
Certified Development
Companies $176 M $0 M 99.8% $33 M $194 M $402 M 51.8%
Credit Unions ($10B or
more) $366 M $2 M 99.5% $87 M $440 M $895 M 50.8%
Credit Unions (less than
$10B) $4,209 M $16 M 99.6% $1,086 M $3,146 M $8,457 M 62.8%
Farm Credit Lenders $460 M $0 M 99.9% $324 M $632 M $1,417 M 55.4%
Fintechs (and other State
Regulated) $665 M $2 M 99.8% $167 M $3,002 M $3,836 M 21.7%
Microlenders $102 M $0 M 99.7% $25 M $106 M $233 M 54.5%
Non Bank CDFI Funds $111 M $0 M 99.9% $44 M $194 M $349 M 44.3%
Small Business Lending
Companies $1,445 M $2 M 99.8% $933 M $6,540 M $8,921 M 26.7%
To Be Confirmed $27 M $0 M 99.9% $1 M $16 M $44 M 64.3%
15
Economic Injury
Disaster Loans (EIDL)
Data as of 03/25/21
EIDL | Since April, EIDL has approved $201B in loans
Loans Approved Approved ($) Disbursements Disbursed $
3.75M $201.1B 3.6M $193.5B (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
20.0%
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 ~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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