The SBA Just Released New Data on PPP Recipients and Amounts. Here’s What You Should Know

covid-19 • Jul 06, 2020

Today, after weeks of legal challenges by media organizations seeking transparency, the SBA has released data on tens of thousands of businesses that received PPP loans. As we originally reported 2 weeks ago, the SBA finally committed to releasing this information to help provide more transparency on who actually received PPP loans. We dove into the data to get you the most important takeaways. Let’s dive in. Here is the link to download the data from the SBA website.

Update: We've built a free PPP loan data search tool. Search all PPP loan recipients here.

What PPP Information Was Released by the SBA?

The PPP loan transparency effort goes as follows: Businesses who received over $150,000 in PPP loans had their business information and names released. This accounts for 14% of all total loan recipients but 73% of total loan amount distributed. Businesses who received less than $150,000 in PPP loans are shared in aggregate by zip code and industry, and these business names are not shared.

Large Companies Received PPP Funding, Even Though That Wasn't The Program Intent

The PPP has been roundly criticized for serving large corporations more than the small businesses it was created to protect, and the data supports this accusation.

There are 4,800 loan recipients in the top category, many of them large companies. Loans of millions of dollars went to major US corporations like fast food franchises, private equity firms, and even law firms. P.F. Chang’s received between $5 and $10 million, as did Silver Diner. Kasowitz Benson Torres, a law firm that has represented the president, was also on the list. Many companies with connections to lawmakers received high loans, including companies owned by Congresspeople.

Certain Sectors and States Received a Large Amount of Funding

According to NYTimes analysis, restaurants, medical offices and car dealerships were the top recipients of large loans from the federal government’s $660 billion small business relief program.

For example, physicians offices received loans worth as much as $19 billion. Total loans were as much as $17 billion for car dealers, $13 billion for law offices and $5 billion for dentists. Plumbers, religious organizations and schools also headlined the list.

Of the $521 billion allocated through the Paycheck Protection Program, about $68.2 billion — roughly 13 percent — went to companies in California. Another $41.1 billion flowed to Texas businesses.

Small Businesses Did Not Receive Enough Funding for Many To Survive

Those small businesses that did receive loan assistance did not receive enough to ride out the crisis, especially as COVID-19 cases continue to rise and cities slide back into lockdown. Our own survey among thousands of small businesses found that over a quarter of the businesses who received PPP or EIDL loans could still shutdown permanently within the next few months.

There is discussion among lawmakers on what else can be done to help businesses that continue to struggle. For example, the $130 billion left in PPP funds may be reallocated to the hardest hit businesses. Also, a Congressman proposed that the EIDL disaster-loan program interest rates be changed to 1% instead of the current 3.75% for businesses.

If you're looking for ways to help businesses directly — or you're a small business — check out the SupportCovidRecovery.com, an initiative by Skip to help small businesses recover and reopen.