Wisconsin companies were approved for nearly 8,700 Paycheck Protection Program loans last week for more than $641 million, according to the latest data from the U.S. Small Business Administration.
The total volume and value of PPP loans for the state’s businesses during the week ranked 20th in the country, a dip from the first few weeks of the program’s latest round when Wisconsin ranked 14th in volume and 11th in value.
From the opening of the program Jan. 11 through Jan. 24, Wisconsin companies accounted for 2.6% of loans and 2.7% of loan value in the 50 states and the District of Columbia. For the period from Jan. 25 through Jan. 31, the state accounted 1.8% of loans and 1.7% of loan value.
Wisconsin still ranks 17th in loan volume and 13th in loan value across the first three weeks of the program’s latest round.
All told, Wisconsin companies have been approved for 19,080 loans in the current round for $1.57 billion.
By the time the 2020 version of PPP reached 21 days with funding available, Wisconsin companies had been approved for nearly $9.5 billion of the $9.9 billion they would ultimately borrow during the program.
Making a direct comparison is complicated by a lower $2 million cap on loans in this round compared to the $10 million cap in the first iteration. Even after counting just $2 million from the roughly 600 Wisconsin loans that exceeded that threshold, the state’s companies had already secured $8.5 billion in loans by this point last spring.
Predictably, large states account for most of the loans and loan value in the latest round. The top 10 states for loan value – California, Texas, New York, Illinois, Florida, Pennsylvania, Michigan, Massachusetts, Ohio and New Jersey – account for nearly 55% of all loan value.
California, Texas and New York alone account for more than one of every four dollars loaned in the program’s latest round.
This round of the PPP program came with several differences from the initial version launched last spring, including stricter reporting requirements, a lower cap on loan sizes, streamlined forgiveness for smaller loans and other changes.
More than 891,000 loans have been approved so far for around $72.74 billion. Almost 75% of those loans have been second draw loans for companies that also received funding in the program’s first iteration in 2020.
Still around 226,000 companies have gotten their first PPP loans under the new program, including 220,000 companies with fewer than 10 employees.
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