SBA releases info on PPP loans

The U.S. Small Business Administration, in consultation with the Treasury Department, released detailed loan-level data last week regarding the loans made under the Paycheck Protection Program covering each of the 4.9 million PPP loans that have been made.

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said Secretary Steven Mnuchin. “We are particularly pleased that 27 percent of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas. The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses,” he continued.

No overall totals were given for Hamilton County businesses, though the Aurora Cooperative was listed as the largest single recipient with a PPP loan of between $5-10 million. Memorial Community Health Inc. received funding of between $2-5 million and Quality Care Solutions LLC received between $350,000 and $1 million.

Among the recipients of $150,000-350,000 were Dohman, Akerlund & Eddy, LLC; Fiberglass Products Inc.; Fontel Inc.; Grosshans International; International Sensor Systems; JW Friesen Holdings Inc.; Kiner Inc.; Mid-Nebraska Land Developers; Triple J Inc.; Twin T Auto; Bish Enterprises in Giltner; Pleasant Hill Farms Inc. in Hampton; and Grain Place Foods, Inc. in Marquette.

A number of local businesses received $150,000 or less in PPP funding, though a specific list of recipients was not disclosed.

“Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors and independent contractors” Mnuchin said in a press release.

“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” added Jovita Carranza, SBA administrator. “In three months, this administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic. Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program. The jobs numbers released last week reinforce that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”

The release included loanlevel data, including business names, addresses, zip codes, business type, demographic data, non-profit information, name of lender, jobs supported, and loan amount ranges of $150,000-350,000; $350,000- $1 million; $1-2 million; $2-5 million; $5-10 million. These categories account for nearly 75 percent of the loan dollars approved. SBA did not identify businesses receiving loans of less than $150,000.

The data release also included overall statistics regarding dollars lent per state, loan amounts, top lenders and distribution by industry. The loans reached diverse communities proportionally, across all income levels and demographics.

In addition, the data provided information regarding the sizes of participating lenders and participation by community development financial institutions, minority depository institutions, Farm Credit System institutions, fintechs and other nonbanks and other types of lenders.

It further contained data showing the reach of the program in underserved communities, rural communities, historically underutilized business zones (HUBZones), and participation by religious, grantmaking, civil, professional, and other similar organizations.