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The first $349B of funds available on 4/3/2020 were exhausted in less than 2 weeks.
Congress passed additional funding of $310B, which was not fully disbursed upon the expiration of the program on 08/08/2020. The latest PPP fund of $284B in the second stimulus bill started on 1/11/2021 and was extended to 5/31/2021.
Construction business received $96B of PPP loans as of 4/30 which makes it the highest industry with PPP funding. Healthcare and Professional Service follow closely and rank the 2nd and 3rd.
This program has reached all 50 states. California, Texas and New York are the top three in terms of funds received. California received $101BN, or 13% of overall program funding.
As the program is designed to provide a direct incentive for small businesses to keep their employees on payroll, loan size is directly correlated to job retained. For loans above $1M, over 95% of them went to business with more than 50 employees.
We wanted to explore how PPP loans represent state level economy so we indexed the PPP data with small business jobs, workforce and 2020 GDP by state.
- Texas: despite receiving the 2nd highest amount in absolute terms, it is actually one of the most under-represented states when indexing to all three dimensions.
- Illinois: on the other hand it is over represented when indexing to all three dimensions.
- The golden Pareto Principle (the 80-20 Rule) holds true too.
- 84% of loans were approved for businesses with less than 10 employees and represented 27% of the total approved amount.
- 87% of loans were under $100,000 and represented 27% of the total approved amount.
- Over 5000 lenders have participated, including banks, credit unions, fintechs, small business lending companies etc. Top 5 lenders, JPMorgan Chase, Bank of America, PNC, BB&T and Wells Fargo, originated $122BN loans, or 16% of total volume.
Daisy and her team compiled the data from public SBA records into the chart below to highlight the flow of PPP funds since 2020.
Try this interactive dashboard to view how Paycheck Protection Program Funds have been dispursed by region, institution, sector, demographics and much more!
You must be on desktop to view and toggle the chart data.
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The Paycheck Protection Program (PPP) is a $813.5B business loan program established by the United States federal government in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act was designed to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.
Leverage our experience to build the right small business portfolio strategy. Stay up-to-date on the most important trends community lenders should be paying attention to.