From launch of the Paycheck Protection Program on April 3, 2020 through the exhaustion of the originally committed funds on April 16, 2020, 4,975 lenders approved loans to over 1.6 million small businesses for over $342 billion. On April 17, the SBA published a Paycheck Protection Program Report with additional statistics on the approved PPP loans.
Excluding weekends (which probably isn’t fair, as I know a lot of bankers that worked non-stop the last two weekends), this amounts to over 160,000 applications approved each day, or more than $34 billion in loan proceeds each day.
The Report indicates the overall average loan size approved was $206,000. Assuming each applicant applied for the maximum PPP loan it was entitled to, this indicates that the average applicant’s monthly payroll costs were approximately $82,400.
The averages, however, are clearly elevated based on a relatively small number of larger loans. Only approximately 4% of the PPP loans were for more than $1 million (totaling $152 billion), while almost 3/4’s of the PPP loans were for less than $150,000.
The Report also shows the lenders with the highest approved dollar amounts of PPP loans, and the average sizes of their loans. While the largest lenders (by dollar amount) generally also saw larger loans sizes, the average loan sizes for each institution appears consistent with our discussions throughout the industry.