We could not be more excited to share this excellent piece of an update, as Mark Cuban Duncan and Rita MacDonald-Korth recently featured the COVID Loan Tracker.
They are a group of small business owners concerned about the businesses and the timeline for receiving loans from the government via the SBA. To assist other small business owners, they created a survey to understand better how many loans have been paid.
This not only helps the business owners understand when and how many loans are being paid, but also, holds authorities accountable to provide the aid they have promised.
They aim to distribute this site with as many small business owners as possible, and further, share these results with the journalists daily as a way to track what percentage of applicants have received their loans.
Surprisingly, the site’s traffic jumped by 50x, and the COVID Loan Tracker received a tremendous response – with 7,000 PPP loan applications amounting to about $3 billion in applications.
The applications continued to pour overnight, and as of 10 AM on April 12th, the highlights on successful applicants are as follows:
- 2,130 companies reporting.
- Around $1.2 bn of PPP loans reported.
- 34 companies report having received PPP.
- 85% are from small/regional banks.
- Avg PPP Loan Received: $65,600.
- Average processing time from application to disbursement: 5.6 days.
- Median company size: 12.5 employees.
- JP Morgan Chase should be applauded, and it is the first big bank that seems to be getting PPP loans disbursed.
- Small/regional banks continue to be the fastest in getting loans disbursed.
- The SBA EIDL Advance program is a complete disaster so far. After promising delivery in 3 days, it has been around two weeks, and only 4 out of 2,130 businesses report receiving it.
Data on applications:
- 35% LLC, 33% S-Corp.
- 45.2% through small/regional banks.
- Had a pre-existing lending relationship with an institution they applied through 70.6%.
- If you receive the PPP Loan, is it enough to keep you afloat: 45.7% say “No.”