A new website tracking the COVID-19 small business loans has emerged to help small business owners connect and describe their experiences with the small business loan process.
The CARES Act provides $377 billion in small business loans as well as $500 billion in loans for distressed companies; another $150 billion is earmarked for hospital investments in equipment and infrastructure. Two Miami, Fla.-based small business owners, Duncan and Rita MacDonald-Korth, created COVID Loan Tracker to aggregate information directly from small business owners. The data includes information from more than 2,900 small businesses applying for more than $1.2 billion in loan applications across the U.S.
Three things to know:
1. For PPP loans, the average payment time is 5.7 days. For EIDL grants, the average payment time is 14 days.
2. The median loan size is $79,100 for PPP loans; the average loan size for EIDL grants is $7,000.
3. The loan rate from small or regional banks is 88 percent while the loan rate from JP Morgan Chase is 10 percent.