Introduction

The next tracker makes use of the newest information from the Small Enterprise Administration (SBA) to chart the allocation of Paycheck Safety Program (PPP) funds.

Context

Within the face of the financial and social disruption brought on by the coronavirus, Congress has enacted three financial aid packages. With an estimated $2 trillion price ticket, the third package deal, the Coronavirus Support, Aid, and Financial Safety (CARES) Act, is probably the most important and most vital federal emergency assist invoice in U.S. historical past.

The CARES Act put aside $349 billion for the aid of small companies, to be administered by the SBA within the type of the PPP. The SBA commenced the PPP on April 3, 2020, and closed this system on April 16, 2020, on the exhaustion of the $349 billion appropriated by Congress (Spherical One). Congress later supplied an extra $320 billion for the PPP in H.R.266, the Paycheck Safety Program and Well being Care Enhancement Act (Spherical Two). This introduced the whole funds accessible to the SBA and the PPP to $669 billion. The PPP program was because of expire at midnight on June 30 with funds remaining, however simply hours for the expiration of this system Congress approved an extension by means of August 8. This date handed with no second extension to this system.

On December 21 Congress handed the Consolidated Appropriations Act, 2020 (CAA) which was signed into legislation by President Trump December 27. Amongst different provisions, together with jobless advantages and stimulus checks, the $900bn CAA package deal included $284bn as soon as once more for the PPP program, and, along with different program modifications, made it attainable for companies to use for a second PPP mortgage as much as a most mortgage quantity of $2m. The CAA additionally rescinded the $147bn that had remained in this system on the finish of Spherical Two, concurrently rising and lowering the funds accessible to this system on re authorization. The SBA reopened the PPP on Monday January 11, 2021, with a two-day interval the place entry to this system would solely be attainable for the smallest companies and people owned by minorities; after this this system was opened to all who qualify. On March 30 President Biden signed a invoice extending the appliance deadline from March 31 to Might 31; the American Rescue Act additionally added $7.25bn in extra funds to this system.

On Might 5 the SBA introduced that each one funds for Spherical Three, and the PPP as a complete, had successfully been exhausted.

Detailed beneath are the whole quantity and worth of PPP loans and a ensuing evaluation, together with information on lenders and state recipients.

Information within the beneath tracker are supplied as of 5/31/2021. All information have been sourced from the SBA, which supplies program info for the PPP right here. This tracker shall be up to date with PPP information because the SBA makes it accessible, usually on Tuesdays.

Abstract Information

The tables beneath illustrate the whole quantity and worth of PPP loans disbursed up to now along with the typical worth of a PPP mortgage and the whole variety of SBA-approved lenders.

As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion to this point appropriated by Congress to this program. As of Spherical Three, $6 billion, or 2 p.c of Spherical Three PPP funding, stay accessible to this system.

On Might 5 the SBA introduced that each one funds for Spherical Three, and the PPP as a complete, had successfully been exhausted.

These information are represented in graphical type beneath.

First and Second Draw Information

As of the 1/31/2021 PPP report the SBA has supplied a breakdown of PPP loans by first and second draw.

Whereas first time candidates for PPP loans in Spherical Three make up 56 p.c of all PPP loans by quantity, they signify solely 24 p.c of PPP loans disbursed by worth, with the rest of Spherical Three PPP loans by worth going to small companies acquiring their second PPP mortgage. These particular person second draw loans are additionally within the area of 4 instances bigger than Spherical Three first draw PPP loans by common worth of mortgage.

State-Particular Information

All stories issued by the SBA on the PPP up to now have included state-specific information on quantity and worth of PPP loans. Offered beneath are the whole variety of loans and whole worth of loans supplied to the highest 5 state recipients of PPP help. These information collectively additionally produce the typical worth of a state PPP mortgage.

These (cumulative) state-specific common PPP mortgage values could be contrasted with the (cumulative) nationwide common PPP mortgage worth, which as of 5/31/2021 is $64,647.

Recipient by Business Information

Please word that cumulative PPP whole mortgage quantity and mortgage values don’t match totals supplied by the SBA per the most recent Spherical Three report. This could solely be because of information changes made by the SBA after the 8/8 SBA PPP report, the ultimate information report of Spherical Two, however that adjusted figures haven’t since been made accessible to the general public.

Lender and Mortgage Measurement Information

The place for Rounds One and Two the SBA offered lender measurement by whole property (offered beneath cumulatively as of 8/8/2020), for Spherical Three the SBA has supplied a breakdown of lender by kind.

As of 5/31/2021, and for Spherical Three loans solely, loans beneath $50K signify 87 p.c of whole PPP loans, and 33 p.c by worth. Loans over $5m are lower than 1 p.c of whole PPP loans and 1 p.c of mortgage worth.

Demographic Information

For Spherical Three of the PPP the SBA is now reporting on PPP recipients by gender, ethnicity, and veteran standing. This info is nevertheless not terribly helpful on condition that it was not necessary for candidates to offer this info and the overwhelming majority didn’t.



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