RALEIGH — The U.S. Small Business Administration, in consultation with the Treasury Department, today released detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made.
NC businesses received somewhere between $9.5 billion and $17.8 billion in PPP loans. About $3.7 billion came from loans less than $150,000 and between $5.8 billion and $14.1 billion from loans more than $150,000. Around 100 companies were recipients of the top-tier of PPP loans ($5-$10 million).
Meanwhile, records show that more than 3,300 loans of $150K and up have been distributed across the Triangle. Statewide, there were 16,324 loans of that size. That translates to a total of nearly 497,000 “protected” jobs.
Top local cities:
- Raleigh more than 1,600 loans
- Durham 600
- Cary 200
- Morrisville 152
- Chapel Hill 150
- Hillsborough 134
- Garner 108
- Wake Forest 96
- RTP 10
Others:
- Carrboro 32
- Fuquay-Varina 50
- Holly Springds 42
- Knightdale 17
- Pittsboro 13
- Smithfield 37
- Wendell 24
- Zebulon 28
Some of the Triangle tech-related firms receiving $5 million or more include:
- Measurement Incorporated
- Headway Payroll Systems
- Sports Endeavors
- RHO
- Sportsmedia Technology
- Spectraforce Technology
“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 T. Mnuchin, in a statement.
“We are particularly pleased that 27% 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. “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.”
Rather than identifying specific loan amounts, the data is bracketed in buckets ranging from $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million.
These categories account for nearly 75 percent of the loan dollars approved. For all loans below $150,000, SBA is releasing all of the above information except for business names and addresses.
The data release also includes overall statistics regarding dollars lent per state, loan amounts, top lenders, and distribution by industry. The loans have reached diverse communities proportionally, across all income levels and demographics.
In addition, the data provides 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 contains 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.
Of the 99 companies borrowing in the highest bracket in North Carolina, 22 were in Charlotte and 20 in the Triangle area.
It is more than likely that most companies that received more than $2 million in PPP loans will have to go through a separate round of review from the SBA and the U.S. Department of Treasury to make sure the money went toward payroll, and the pledged amount of jobs were protected by these companies.
