EIDL: By the numbers in Colorado
The SBA released the results of Economic Injury Disaster Loans (EIDLs) to date on 4/20. It is important to note that nationally EIDLs, which are issued and provided directly by the SBA, are only a small fraction of PPP provided loans to date ($8,9B versus $342B) across the US.
EIDLs allow for advances which are effectively grants of up to $10,0000 per applicant and the EIDL loan component can be up to $2M. Round one of the EIDL loans program had $10B available from the CARES Act. The SBA has issued 5.3B in loans and $3.3B in advances (grants) for a total to date of $8.9B across the U.S. I understand Congress is looking to refill the EIDL capacity with the bill currently in Congress before the House.
A small business can participate in both EIDL and PPP as long as they spend proceeds from each on different things.
1) EIDL Loans: Colorado businesses received
672 Loans totaling $139,163,100
which is an average of $207,087.95/loan. That represents 2.5% of the nationwide total number of loans and dollars but only covered 0.5% of CO Small Businesses with <500 Employees and .01% of total small businesses including businesses without any employees (sole proprietors) so the reach of the loan program was limited and small compared to PPP which covered almost 42,000 Colorado Small Business.
2) EIDL Advances: Colorado businesses received
15,592 Advances totaling $68,680,000
which is an average of $4,405/advance. That represents 2.1% of the nationwide total of advances and dollars and 11.4% of the number of CO Small Businesses with <500 Employees but only 2.4% of all small businesses so this smaller grant dollar amount per business had a much wider reach than the loan component.
3)Colorado has 1.7% of the US population and 2% of US small business employees and payrolls so we did get about.4% more than our expected share of EIDL loan dollars and roughly our expected share of EIDL grant dollars.