First of all, you guys are great! I’ve heard from many of you. There have been some success, but most are experiencing challenges with the process. Thanks for sharing your stories.
I’m trying to do something rather ambitious, and I need your help to pull it off.
I’m building a database documenting entrepreneur’s experience applying for PPP or EIDL. The goal of this project is twofold:
(1) to gather enough data to gain some insights that may help small businesses and nonprofits navigate the system better.
(2) To allow you to compare your experience with your peers.
I want to get 100 submissions in the next 24 hours. There are 1,700 people on this list, I know we can make this happen!
The database will be anonymous. Please take 3 minutes to share your insights right now so we can all benefit from our collective experience.
Click here to share your PPP application experience.
Click here to share your EIDL application experience.
As a little incentive… Everybody that shares their experience will get early access to the database.
247,543,393,521 – According to SBA data on the Payroll Protection Program release on April 13th they have funded 1,035,086 loans through 4,664 lenders for a total of $247,543,393,521.
21,776,306,479 – Texas was the state that received the most funding at $21,776,306,479. I guess everything is bigger in Texas. American Samoa received the least at $389,500.
239,152 – The overall average size of the loan was $239,152.
70.5 – 70.5 percent of the loans were under $150,000; 15.13 percent between $150,000 and $350,000; 9.9 percent between $350,000 and $1,000,000.
13.73 – The construction industry got the most PPP loans with 13.73 percent; Professional, Scientific, and Technical Services received 12.26 percent; Manufacturing 12.25 percent; Healthcare 11.27 percent; Accommodations and Food Service 9.18 percent; Retail 8.57 percent.
0 – As of noon on Thursday, there is exactly $0 left to fund loans for both PPP and EIDL.
On The Hill
Treasury Secretary Steven Mnuchin and lawmakers from both parties pledged to pour more money into the program as its initial funding quickly ran down, but leaders have been locked in a two-week showdown over potential stipulations for the next tranche of loans. The key point of contention seems to be over Democrats push to give preference to minorities and the underbanked. On Wednesday night at 9 PM, Secretary Mnuchin said: “By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations, we urge Congress to appropriate additional funds for the Paycheck Protection Program — a critical and overwhelmingly bipartisan program — at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.” My interpretation of this is that the loans which have been approved will be funded. But those of us in the queue – who have applied, but not been approved yet – will not have the loans funded until the new appropriations are passed. The Hill
I’ve only heard of one company making it all the way through the EIDL application process and getting funded. The SBA sent an email out to EIDL applicants yesterday clarifying the terms of the supposed $10,000 rapid advance on the loan (which may be forgivable). It said: To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000. You may be eligible for another loan program, the Paycheck Protection Program.
If you have any questions about the PPP or EIDL programs, let me know by clicking here. I’m working on a master FAQ.