SBA PPP Loan Approval Statistics | Bryan Cave Leighton Paisner

Since the launch of the Paycheck Protection Program on April 3, 2020, until the original committed funds were exhausted on April 16, 2020, 4,975 lenders have approved loans to more than 1.6 million small businesses for more than $342 billion. On April 17, the SBA released a report on the Paycheck Protection Program with additional statistics on approved PPP loans.

Excluding weekends (which is probably not fair, as I know a lot of bankers who have been working non-stop for the past two weekends), that’s over 160,000 applications approved each day, or over 34 billions of dollars in loans every day.

The report says the overall average loan size approved was $206,000. Assuming each applicant applied for the maximum PPP loan to which they were entitled, this indicates that the applicant’s average monthly payroll costs were approximately $82,400.

The averages, however, are clearly high based on a relatively small number of larger loans. Only about 4% of PPP loans were above $1 million (for a total of $152 billion), while almost 3/4 of PPP loans were below $150,000.

The report also shows the lenders with the highest dollar amounts of PPP loans approved, as well as the average size of their loans. Although the largest lenders (by dollar amount) generally also made larger loans, the average loan size for each institution appears consistent with our discussions across the industry.

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