Tracker: Paycheck Protection Program Loans


The following tracker uses the most recent data from the Small Business Administration (SBA) to chart the allocation of Paycheck Protection Program (PPP) funds.


In the face of the economic and social disruption caused by the coronavirus, Congress has enacted three economic relief packages. With an estimated $2 trillion price tag, the third package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is perhaps the largest and most significant federal emergency aid bill in U.S. history.

The CARES Act set aside $349 billion for the relief of small businesses, to be administered by the SBA in the form of the PPP. The SBA commenced the PPP on April 3, 2020, and closed the program on April 16, 2020, on the exhaustion of the $349 billion appropriated by Congress (Round One). Congress later provided an additional $310 billion for the PPP in H.R.266, the Paycheck Protection Program and Health Care Enhancement Act (Round Two). This brought the total funds available to the SBA and the PPP to $659 billion. The PPP program was due to expire at midnight on June 30 with funds remaining, but just hours for the expiration of the program Congress authorized an extension through August 8.

Detailed below are the total number and value of PPP loans and a resulting analysis, including data on lenders and state recipients.

Data in the below tracker are provided as of 6/30/2020, the planned or initial end date of the program. All data have been sourced from the SBA, which provides program information for the PPP here. This tracker will be updated with PPP data as the SBA makes it available, typically on Fridays.

Summary Data

The tables below illustrate the total number and value of PPP loans disbursed to date in addition to the average value of a PPP loan and the total number of SBA-approved lenders.

The key implication of the most recent SBA reports is that PPP fund disbursement has at last started to once again increase. It seems likely that the key driver of this difference is continued refinement by Congress and the related agencies to the PPP program, most obviously expanding the time requirement in which PPP funds must be used, increasing the attractiveness of taking out a PPP loan. Also of note, the average size of a PPP loan continues to steadily decrease.

As of 6/30/2020 the SBA has disbursed $521 billion of the $659 billion so far appropriated by Congress to this program, with 21 percent of PPP funds remaining available to the program.

These data are represented in graphical form below.

State-Specific Data

All reports issued by the SBA on the PPP to date have included state-specific data on number and value of PPP loans. Provided below are the total number of loans and total value of loans provided to the top five state recipients of PPP support. These data together also produce the average value of a state PPP loan.


These (cumulative) state-specific average PPP loan values can be contrasted with the (cumulative) national average PPP loan value, which as of 6/30/2020, is $106,744.

The Department of Treasury has since released data on all PPP loans by state that can be found here.

Recipient by Industry Data

In the final 6/30/2020 report the SBA once again provided data on PPP recipients by industry (as determined by NAIC Sector), information not provided since Round One.

Lender and Loan Size Data

In Round Two the SBA has also provided a detailed breakdown on the lenders participating in this program and the loan sizes issues. Since the 5/16/2020 report this data has been presented cumulative of Rounds One and Two.

As of 6/30/2020 loans under $50K represent 67 percent of total PPP loans, and 11 percent by value. Loans over $5m are less than 1 percent of total PPP loans, and only 7 percent by value. This has remained largely static.

The SBA has also, in more recent reports, released data on the top fifteen providers of PPP loans by dollar value. These top fifteen have issued only 23 percent of all PPP funds disbursed.