SBA COVID Relief Program Report (2021.05.24 - SBA COVID Relief Program Report - vFINALSHARE-508)
Summary
The SBA COVID Relief Program Report with PPP data as of 05/24/21 gives a headline of 6.4M loans approved for $274B volume. Loan Intake is 6,644,560 for $277.9B; Loans Approved are 6,476,297 for $273.7B, with an Avg Loan Size of $42,266. LMI Neighborhoods are listed at 2,033,423 loans and $76,640,345,076, or 28.0% of approved dollars. Loans under $250k are 97% of all loans, totaling 59% of loan volume. Forgiveness is ~63% of loans and ~54% of total 2020 PPP volume.
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Original at legacy.sba.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/sba-covid-relief-program-report-2021-05-24-sba-covid-relief-program-re-ab9572d9fa/
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Paycheck Protection
Program
Data as of 05/24/21
PPP | The current round of PPP has approved 6.4M loans for $274B volume
Loan Intake* Loan Intake* ($) Loans Approved Approved ($) Avg Loan Size
6,644,560 $277.9B 6,476,297 $273.7B $42,266
$12 $300
Billions $10 $250 Billions
$8 $200
$6 $150
$4 $100
$2 $50
$0 $0
1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17
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 $
$300 100.0%
Total Volume** ($) Total Set Aside
Billions
90.0%
$250
80.0%
First Draw Loans <=10 employees $53.4B
$15B
$200
70.0% First Draw Loans LMI & < $250k $20.6B
60.0%
Second Draw Loans <=10 employees $63.0B
$150 50.0% $25B
40.0%
Second Draw Loans LMI & <$250k $26.5B
$100 Community Financial Institutions $30.1B $15B
30.0%
$50
20.0% First & Second Draw from IDIs, CUs,
10.0% FCSIs < $10B * $106.4B $15B
$0 0.0% New First Draw Borrowers $66.1B $35B
1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8 3/15 3/22 3/29 4/5 4/12 4/19 4/26 5/3 5/10 5/17
Cumulative Approved ($) % 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 $) 28.0% 16.6% 49.8%
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 97% of all loans less than $250k, totaling 59% of loan volume
Loan Size Breakdown by Approved Count Loan Size Breakdown by Approved ($)
$250K - $1M, 2% >$1M, 0%
$100K -
>$1M, 16%
$250K, 5%
<$100K <$100K
$100K - $250K $250K - $1M, 25% <$100K, 42% $100K - $250K
$250K - $1M $250K - $1M
>$1M >$1M
<$100K, 93% $100K - $250K,
17%
5
PPP | The current round of PPP is successfully reaching smaller borrowers
with 96% of all loans to businesses with 20 employees or fewer, totaling 57%
of loan volume
Number of Employees Breakdown by Approved Count Number of Employees Breakdown by Approved ($)
21 - 50, 3% > 50, 1%
1, 23%
11 - 20, 5%
> 50, 24%
1 1
2 - 10 2 - 10
2 - 10, 20% 11 - 20 11 - 20
21 - 50 21 - 50, 19% 21 - 50
1, 71% > 50 2 - 10, 20% > 50
11 - 20, 14%
6
PPP | There is still limited demographic data on PPP borrowers.
Loans Approved Approved ($) Avg Loan Size % of Approved Dollars
LMI* Neighborhoods 2,033,423 $76,640,345,076 $37,690 28.0%
Rural* 1,442,599 $45,504,100,483 $31,543 16.6%
% Approved Count % Approved Dollars
American Indian or Alaska Native 0.8% 0.9%
Asian 2.4% 2.7%
Black or African American 12.0% 5.6%
Eskimo & Aleut 0.0% 0.0%
Multi Group 0.0% 0.0%
Native Hawaiian or Other Pacific Islander 0.1% 0.1%
Puerto Rican 0.0% 0.0%
Unanswered 70.8% 75.0%
White 13.9% 15.7%
Ethnicity % Approved Count % Approved Dollars
Hispanic or Latino 3.7% 3.2%
Not Hispanic or Latino 29.1% 29.9%
Unknown/NotStated 67.1% 66.8%
Gender % Approved Count % Approved Dollars Veteran % Approved Count % Approved Dollars
Female 17.1% 11.8% Non-Veteran 36.9% 35.5%
Male 26.6% 32.6% Unknown/NotStated 61.0% 62.2%
Unknown/NotStated 56.2% 55.6% Veteran 2.0% 2.3%
*Rural defined as loans to borrowers located in counties where the population is >30% rural, LMI defined using CRA definition
7
PPP | Large institutions are driving the majority of PPP lending. Non-bank
lenders are reaching underserved businesses with a larger proportion of their
loans Lender Type Loans Approved Approved ($) Avg Loan % <$150k % LMI** % Rural**
Banks and S&Ls >
$50B 929,341 $71,958,296,342 $77,429 38.6% 24.7% 7.4%
Banks and S&Ls $10B
- $50B 839,235 $43,922,850,273 $52,337 43.7% 28.4% 13.2%
Banks and S&Ls $1B -
$10B 747,259 $56,948,462,223 $76,210 34.7% 24.3% 19.4%
Banks and S&Ls < $1B 850,657 $36,364,719,035 $42,749 48.6% 22.1% 39.1%
Green – Above
BIDCOs 19 $298,236 $15,697 100.0% 23.8% 8.6% program average
No color –
Credit Unions 129,106 $4,360,338,762 $33,773 61.9% 25.1% 19.6% Approximately
program average
Farm Credit Lenders 35,909 $867,529,045 $24,159 78.9% 12.5% 71.5%
Yellow checkerboard
Fintechs (and other
State Regulated) 731,308 $13,967,115,225 $19,099 82.5% 37.9% 10.6% – Below program
Small Business average
Lending Companies 823,946 $15,254,478,076 $18,514 85.6% 40.0% 9.2%
CFI 1,389,287 $30,082,078,865 $21,653 77.9% 39.7% 15.7%
To Be Confirmed 230 $3,760,731 $16,351 94.1% 32.1% 97.7%
Program Averages (by approved $) 49.8% 28.0% 16.6%
*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
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
9
independent contractors
PPP | Accommodation and Food Services account for 15% of all lending,
driven primarily by restaurants
% of total lending against proportion of total US businesses with <500 employees
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 05/24/21
Forgiveness | ~63% of loans have completed the forgiveness process,
totaling ~54% of total 2020 PPP volume
Total 2020 PPP Amount Not Applications not yet
Volume Forgiven Forgiven In Process received
Count 5.2M 3.3M - 145k 1.7M
Volume $521.2B $279.4B $1.0B $81.5B $159.1B
$25 $300
Billions $20 $250 Billions
$200
$15
$150
$10
$100
$5 $50
$0 $0
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 $73.7 B $0.3 B 99.6% $2.6 B $33.6 B $110.2 B 69.5%
$100K - $250K $57.4 B $0.2 B 99.7% $2.6 B $25.7 B $85.9 B 70.1%
$250 - $1M $97.5 B $0.3 B 99.6% $7.1 B $42.3 B $147.3 B 71.3%
>$1M $50.8 B $0.2 B 99.6% $69.2 B $57.5 B $177.9 B 67.7%
Total $279.4 B $1.0 B 99.6% $81.5 B $159.1 B $521.2 B 69.5%
Forgiven count by loan size Forgiven value by loan size
$250 - $1M, 6%
$100K - >$1M, 1% >$1M <$100K
$250K, 12% 18% <$100K $100K - $250K
26% $250 - $1M
<$100K >$1M
<$100K, $100K - $250K $100K -
81% $250 - $1M
$250 - $1M $250K
35%
21%
>$1M
13
Forgiveness | Most types of lenders have submitted over 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) $142,051 M $597 M 99.6% $50,503 M $109,572 M $302,723 M 63.8%
Banks and S&Ls(less than
$10B) $125,868 M $398 M 99.7% $28,246 M $39,235 M $193,748 M 79.7%
BIDCOs $1 M $0 M 100.0% $0 M $0 M $1 M 100.0%
Certified Development
Companies $266 M $1 M 99.7% $19 M $116 M $402 M 71.0%
Credit Unions ($10B or
more) $517 M $2 M 99.5% $81 M $295 M $895 M 67.0%
Credit Unions (less than
$10B) $5,614 M $22 M 99.6% $932 M $1,916 M $8,483 M 77.4%
Farm Credit Lenders $678 M $1 M 99.8% $347 M $394 M $1,420 M 72.3%
Fintechs (and other State
Regulated) $1,087 M $4 M 99.6% $165 M $2,579 M $3,836 M 32.8%
Microlenders $136 M $1 M 99.5% $21 M $76 M $233 M 67.5%
Non Bank CDFI Funds $186 M $0 M 99.8% $37 M $126 M $349 M 63.9%
Small Business Lending
Companies $2,996 M $7 M 99.8% $1,194 M $4,766 M $8,964 M 46.8%
To Be Confirmed $34 M $0 M 99.9% $1 M $14 M $49 M 71.1%
14
Economic Injury
Disaster Loans (EIDL)
Data as of 05/24/21
EIDL | Since April, EIDL has approved $205B in loans
Loans Approved Approved ($) Disbursements Disbursed $
3.78M $205.0B 3.6M $199.5B (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, 5%
$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,
56%
17
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 18
independent contractors
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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