As of April 13, Wisconsin’s small businesses are approved for more PPP loan dollars than 45 other states and territories. Based on the Small Business Administration’s most recent report, Wisconsin holds the #10 spot in both number of loans approved (31,702) and dollars approved ($7,288,143,288).
This matches data WBA has collected by surveying member bank CEOs about their participation in SBA’s PPP. Nearly 100 banks reported loan counts and dollar amount totals in the survey, and roughly half of those banks also provided estimates of the number of businesses and jobs impacted by the program. Extrapolating based on the WBA survey data, over 28,000 Wisconsin small businesses and nearly 490,000 jobs have been impacted by the program... and those numbers most likely undercount the total impact.
Nationally, the vast majority of loans approved are for under $150,000, showing that banks are guiding their small business customers to borrow prudently, even though most of the loans are expected to be forgiven. Over 85% of the loans approved are for less than $350,000. According to SBA, the overall average loan size is just under $240,000.
The loan program is also benefitting a wide variety of businesses. Segmented by North American Industry Classification System (NAICS) subsector, 20 different sectors have been approved for loans. The construction sector has the highest concentration of approved loans, at 13.73%.
Despite an inarguably rocky start and some ongoing challenges, SBA PPP is helping small businesses weather COVID-19. Wisconsin’s bankers should be proud of the hard work they continue to do to help their clients and communities access this government assistance on an unprecedented scale.