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.
