Updates
April 21, 2020

PPP Where Did All The Money Go?

CARES Act

SBA and the U.S. Treasury Department have released PPP loan funding figures detailing how the loans were distributed

The Paycheck Protection Program (“PPP”), which provided low-interest loans that are eligible for forgiveness, exhausted its funding on April 17, 2020, and the Small Business Administration shut down the program and ceased enrolling new lenders into the program. The rollout of the program was described as messy and chaotic by both small businesses and many of the lenders that participated.

Now, the Small Business Administration and the U.S. Treasury Department have released PPP loan funding figures detailing how the loans were distributed by industry, state and loan amount. The average approved loan amount was $206,000, and 74% of loan amounts were under $150,000. The total dollar amount of approved loans was less than the $349 billion public number because it doesn’t include reimbursements to the lenders.

Here’s the breakdown of the available PPP loan data:

State/Territory

Approved Loans

 Loan Dollar Total

Texas

134737

$28,483,710,273.00

California

112967

$33,413,693,192.00

Florida

88997

$17,863,199,837.00

New York

81075

$20,345,681,101.00

Illinois

69893

$15,972,578,071.00

Pennsylvania

69567

$15,697,648,689.00

Ohio

59800

$14,108,889,927.00

Georgia

48332

$9,464,475,442.00

Massachusetts

46937

$10,360,907,178.00

Missouri

46481

$7,547,822,023.00

Minnesota

46383

$9,014,060,040.00

Michigan

43438

$10,381,310,070.00

Wisconsin

43395

$8,317,705,842.00

Colorado

41635

$7,392,960,359.00

Virginia

40371

$8,721,170,223.00

North Carolina

39520

$8,005,752,270.00

Indiana

35990

$7,491,445,351.00

Oklahoma

35557

$4,615,708,450.00

Tennessee

34035

$6,542,045,089.00

New Jersey

33519

$9,527,794,260.00

Washington

30421

$6,959,680,159.00

West Virginia

30421

$6,959,680,159.00

Iowa

29424

$4,315,688,444.00

Alabama

27922

$4,862,690,120.00

Louisiana

26635

$5,100,534,501.00

Kansas

26245

$4,288,652,108.00

Maryland

26068

$6,537,733,687.00

Kentucky

23797

$4,149,467,684.00

Nebraska

23477

$2,988,890,489.00

South Carolina

22933

$3,807,578,397.00

Arkansas

21754

$2,722,726,557.00

Utah

21257

$3,695,399,459.00

Mississippi

20748

$2,481,000,606.00

Arizona

19280

$4,846,959,062.00

Oregon

18732

$3,806,104,476.00

Connecticut

18435

$4,151,934,451.00

Maine

14993

$1,944,425,549.00

Idaho

13627

$1,850,034,026.00

Montana

13456

$1,470,300,136.00

New Hampshire

11582

$2,006,858,477.00

Hawaii

11553

$2,046,450,982.00

South Dakota

11324

$1,369,616,339.00

North Dakota

11002

$1,548,384,035.00

Nevada

8674

$2,013,939,889.00

New Mexico

8277

$1,424,408,711.00

Rhode Island

7732

$1,335,777,801.00

Wyoming

7618

$837,018,372.00

Vermont

6983

$1,000,127,478.00

Delaware

5171

$1,090,415,848.00

Alaska

4842

$921,927,504.00

Washington, D.C.

3253

$1,247,218,727.00

Puerto Rico

2856

$658,573,638.00

Guam

508

$102,418,346.00

Virgin Islands

240

$62,242,612.00

Northern Mariana Islands

56

$12,619,835.00

American Samoa

2

$419,583.00

Sector

Approved Loans

Approved Loan Dollars

Percentage of Total

Construction

  177,905

$44,906,538,010

13.12%

Professional, Scientific, and Technical Services

   208,360

$43,294,713,938

12.65%

Manufacturing

   108,863

$40,922,240,021

11.96%

Health Care and Social Assistance

   183,542

$39,892,493,481

11.65%

Accommodation and Food Services

   161,876

$30,500,417,573

8.91%

Retail Trade

   186,429

$29,418,369,063

8.59%

Wholesale Trade

    65,078

$19,489,410,472

5.69%

Other Services (except Public Administration)

   155,319

$17,707,077,167

5.17%

Administrative and Support and Waste Management and Remediation Services

    72,439

$15,285,814,286

4.47%

Real Estate and Rental and Leasing

    79,784

$10,743,430,227

3.14%

Transportation and Warehousing

    44,415

$10,598,076,231

3.10%

Finance and Insurance

    60,134

$8,177,041,995

2.39%

Educational Services

    25,198

$8,062,652,288

2.36%

Information

    22,825

$6,675,630,276

1.95%

Arts, Entertainment, and Recreation

    39,670

$4,939,280,138

1.44%

Agriculture, Forestry, Fishing and Hunting

    46,334

$4,374,343,877

1.28%

Mining, Quarrying, and Oil and Gas Extraction

    11,168

$3,894,793,207

1.14%

Public Administration

   5,570

$1,197,353,586

0.35%

Management of Companies

   3,211

$1,170,748,130

0.34%

Utilities

   3,247

$1,027,575,137

0.30%

Size of loan

Loan Size

Approved Loans

Approved Dollars

Percentage of Total Loans

Percentage of Total Loan Dollars

$150K and Under

  1,229,893

$58,321,791,761

   74.03%

17.04%

>$150K – $350K

  224,061

$50,926,354,675

    13.49%

14.88%

>$350K – $1M

  140,197

$80,628,410,796

   8.44%

23.56%

>$1M – $2M

   41,238

$57,187,983,464

    2.48%

16.71%

>$2M – $5M

   21,566

$64,315,474,825

    1.30%

18.79%

>$5M

   4,412

$30,897,983,582

     0.27%

9.03%

As these loan funds are spent in the coming weeks, borrowers are again urged to be mindful of the approved uses which allow the loan amounts to be eligible for forgiveness. The general rule remains that 75% of the funds should be spent on payroll, including benefits, and not more than 25% may be spent on rents, utilities and mortgage interest payments. It remains to be seen whether the forgiveness phase of the PPP will be fraught with similar uncertainties that plagued the program’s initial rollout. There are significant unresolved questions surrounding the proper calculation of allowable forgiveness and further SBA guidance is anticipated.

Meanwhile, Congress remains deadlocked on replenishing the program. Treasury Secretary Steven Mnuchin said he was discussing a package that could include $300 billion in additional funds for the Paycheck Protection Program, $75 billion for hospitals and $25 billion to expand national testing efforts, though the exact sums appear to be fluid and as of the time of this writing there is not yet any Congressional agreement.

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