Many businesses are frustrated by the zone of silence around their SBA loan applications. Nasdaq reported that entrepreneurs Duncan and Rita MacDonald-Korth, based in Miami, FL have come up with a solution – the COVID Loan Tracker which aggregates data from people across the country taking advantage of the power of crowdsourcing.

According to the site – Data as of 9:00am 4/13/2020 collected from 2,900 + small businesses reporting up to $1,200,000,000+ in loan applications across 50 states. The site provides some details about the businesses who provided their information. 70 percent had a preexisting relationship with a bank. 45 percent got their loan through a small or regional bank.

The data below is a small sample of 2.5 percent who received PPL loans

PPP Loans

Avg. Payment Speed: 5.7 days

Median Company Size: 14 employees

Median PPP Loan Size: $79,100

Rate of loans from Small/Regional Banks: 88%

Rate of loans from JP Morgan Chase: 10%

EIDL Grants

Just 0.5 percent reported on EIDL

Avg. Payment Speed: 14 days

Median Company Size: 7 employees

Median EIDL Grant Size: $7,000

Applicants are encouraged to provide their application status voluntarily.

https://www.covidloantracker.com/

Note this is a private site and not affiliated with the SBA or any other government entity so user discretion is advised.