Today, The Small Business Administration (SBA), in coordination with the Treasury Department, announced that it is releasing information about the nearly 700,000 loans issued as part of the federal $660 billion Paycheck Protection Program since its launch in early April.
What Was Released
The data released covers all of the 4.9 million PPP loans that have been made since the launch of the program in April. The release includes loan-level data, including business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, name of lender, jobs supported, and loan amount ranges as follows:
- $350,000-1 million
- $1-2 million
- $2-5 million
- $5-10 million
Small businesses with loans below $150,000, a group that comprises the vast majority of the program’s borrowers, will not have their businesses names and addresses disclosed. SBA did release the rest of the information that was revealed for loans above $150,000. The data released also includes:
- Overall statistics regarding dollars lent per state
- Loan amounts
- Top lenders
- Distribution by industry
- Size of the participating lenders
- Participation by community development financial institutions, minority depository institutions, Farm Credit System institutions, fintechs and other nonbanks, and other types of lenders.
- Reach of the program in underserved communities, rural communities, historically underutilized business zones (HUBZones)
- Participation by religious, grantmaking, civil, professional, and other similar organizations
What Does it Show
The data shows the government issued $521 billion in loans, with an average loan size of $107,000. About half the money went to employers in five industries:
- 12.9% to health-care and social assistance industry
- 12.7% to professional and technical services
- 12.4% to construction
- 10.3% manufacturing
- 8.1% to hotels, restaurants and other hospitality and food service employers.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said Secretary Steven T. Mnuchin. SBA Administrator Jovita Carranza followed up the Secretary of Treasury, saying “The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators."
Access the full PPP report here.