Member Kabbage published a recent report on the results of the Paycheck Protection Program (PPP). The combined Kabbage Program processed more than $5.8 billion in Paycheck Protection Program loans, providing support to more than 209,000 small businesses and maintained an estimated 782,000 jobs across Main Street America. This includes all types of businesses, from restaurants, gyms, and retail stores, to also zoos, shrimp boats, and beekeepers; toy factories, sheep farmers, and swim schools.
Other key stats:
• Over $1.9 billion went to businesses in low and moderate-income (LMI) areas, representing 255,000 jobs restored in traditionally underserved communities.
• 93% of all applicants had 10 or fewer employees; 62% had one employee, and 58% were self-employed.
• Kabbage’s total average loan size was $28,100 and 50% of all loans were under $13,500.
• The median time from applying to approval was 4 hours.
• Kabbage processed PPP loan applications on behalf of 135 community banks, 80% of which served small businesses in non-urban regions.
The complete report is available here.