Paycheck Protection Program loans

The Small Business Administration guaranteed 11,468,210 Paycheck Protection Program loans, $792.6 billion in all, from April 2020 into 2021. By September 30, 2024, the date of SBA’s latest file, 10,570,512 of them carried a forgiveness amount and 643,039 had been charged off.

The program, as of September 30, 2024

$792.6 billion
Approved: $792,601,147,274; As each loan now stands. $796.8 billion was first approved, before reductions.; 11,468,210
Loans: 8,612,447 first draws and 2,855,763 second draws.; 92.2%
Forgiven: 10,570,512 of 11,468,210 loans carry a forgiveness amount, $762.9 billion in all.; 5.6%
Charged off: 643,039 of 11,468,210 loans, approved for $18.2 billion. That is the loans' size, not what SBA lost.

What stands out

Five findings. From SBA's file as of September 30, 2024, each one a row from a query rather than a sentence written about one.

$422.7 billion was approved in April 2020, the program's first month: 53.3% of every dollar PPP approved, in 25.3% of its loans. April 2020 →
The average loan that month was $145,934, against $69,113 across the program.
Sole proprietorships took 3,449,226 loans, 30.1% of all PPP loans, and 7.5% of the dollars. By September 30, 2024, 9.4% of their loans had been charged off, against 1.5% of corporations'. Sole proprietorships →
The business type is the one the borrower gave on the application, as SBA prints it.
Harvest Small Business Finance, LLC services more PPP loans than any other lender, 597,432. By September 30, 2024, 23.8% of them had been charged off, against 5.6% of all PPP loans. Harvest Small Business Finance, LLC →
The servicing lender is the one SBA names on the loan now, which need not be the one that made it. A charge-off is the status SBA records, and says nothing about why.
Illinois had the largest share of its loans charged off by September 30, 2024, 10.1%, and South Dakota the smallest, 0.5%, against 5.6% nationally. Illinois →
By where SBA records the business as operating, across the fifty states and the District.
More than half of every PPP dollar went to businesses in 89 of the 3,239 counties SBA names. The largest county, Los Angeles in California, took $30.0 billion, 3.8% of the program. 89 counties →
The county is where SBA records the business as operating, by the name SBA gives it. Loans with no county are in the total, not in the count.

What changed in this release

This release was retrieved on September 25, 2026, and the one before it on September 24, 2026.

Still $792.6 billion in 11,468,210 Paycheck Protection Program loans in 2020–2021.

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When the loans were approved

PPP approved $422.7 billion in April 2020, its first month, and never approved more than $81.8 billion in a month again

Dollars approved each month, as each loan now stands, by the approval date SBA recorded: every loan, and the second draws among them.

The largest month after the first was February 2021, at $81.8 billion.

SBA's file dates no loan from September to November 2020; those months are drawn at zero.

SBA's file dates 17 second draws before January 2021, when the second draw opened. They are drawn as published.

Source: The SBA

About this chart

The figures

PPP approved $422.7 billion in April 2020, its first month, and never approved more than $81.8 billion in a month again. Dollars approved each month, as each loan now stands, by the approval date SBA recorded: every loan, and the second draws among them.
Month	Loans	Of them, second draws	Approved	Average loan
April 2020	2,896,276	4	$422,665,945,668	$145,934
May 2020	1,507,814	9	$77,907,418,124	$51,669
June 2020	408,369	2	$12,586,663,427	$30,822
July 2020	211,452	2	$5,364,264,047	$25,369
August 2020	112,346	0	$3,252,407,363	$28,950
September 2020	0	0	$0	No loans
October 2020	0	0	$0	No loans
November 2020	0	0	$0	No loans
December 2020	5	0	$1,889,500	$377,900
January 2021	864,684	655,025	$71,672,418,572	$82,889
February 2021	1,233,465	815,225	$81,752,725,305	$66,279
March 2021	1,492,503	577,403	$59,782,339,740	$40,055
April 2021	1,735,601	486,102	$38,192,246,931	$22,005
May 2021	1,003,262	320,498	$19,083,425,467	$19,021
June 2021	2,432	1,492	$337,403,129	$138,735
July 2021	1	1	$2,000,000	$2,000,000

Embed this chart

Paste this where you want the chart. The picture carries its title, source and credit, under the site’s license.

<figure style="margin:0;max-width:960px">
  <img src="https://americanfactbook.org/embed/chart/ppp-loans-by-month.svg" alt="PPP approved $422.7 billion in April 2020, its first month, and never approved more than $81.8 billion in a month again" style="width:100%;height:auto" loading="lazy">
  <figcaption style="font:13px/1.4 system-ui,sans-serif">Chart: <a href="https://americanfactbook.org/ppp-loans">PPP approved $422.7 billion in April 2020, its first month, and never approved more than $81.8 billion in a month again</a>, American Factbook, <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption>
</figure>

Every state, by dollars approved

The state is where SBA records the business as operating, not its mailing address.

The District of Columbia received the most PPP dollars per resident, $4,916, and 13 states and the District had a smaller share of their loan dollars forgiven than the nation's 96.3%

Paycheck Protection Program dollars approved to businesses operating in each state, 2020–⁠2021, divided by the state's population. Hatching marks a state where a smaller share of approved dollars had been forgiven than nationally, as of SBA's file.

Too small to see on the map:District of Columbia$4,916

The population is the Census Bureau's estimate for July 1, 2020, from its Vintage 2025 estimates: the approval year that holds most of the dollars, of loans approved in 2020–2021.

A loan is counted where the business operates, and its employees need not live in the same state, so a per-resident figure is dollars over residents rather than over workers.

West Virginia is lowest at $1,450 per resident.

$3.4 billion in 78,567 loans was filed under territories, armed-forces addresses, SBA’s own code NA or no location at all. It is in the national figures, and on the hub page, and not on this map.

Source: The SBA

About this chart

The figures

The District of Columbia received the most PPP dollars per resident, $4,916, and 13 states and the District had a smaller share of their loan dollars forgiven than the nation's 96.3%. Paycheck Protection Program dollars approved to businesses operating in each state, 2020–2021, divided by the state's population. Hatching marks a state where a smaller share of approved dollars had been forgiven than nationally, as of SBA's file.
State	Per resident	Approved	Loans	Dollars forgiven
California	$2,610	$103.2 billion	1,270,597	95.3%
Texas	$2,146	$62.7 billion	938,525	96.2%
New York	$3,018	$60.7 billion	734,821	95.4%
Florida	$2,319	$50.1 billion	983,329	93.2%
Illinois	$2,914	$37.3 billion	620,004	94.5%
Pennsylvania	$2,345	$30.5 billion	342,421	97.6%
Ohio	$2,304	$27.2 billion	351,980	96.7%
New Jersey	$2,761	$25.6 billion	302,438	96.5%
Georgia	$2,318	$24.9 billion	553,314	92.6%
Michigan	$2,396	$24.1 billion	291,523	96.8%
Massachusetts	$3,018	$21.1 billion	217,229	97.7%
Washington	$2,363	$18.3 billion	195,227	97.9%
Virginia	$2,081	$18.0 billion	221,084	96.5%
North Carolina	$1,690	$17.7 billion	258,991	97.1%
Minnesota	$2,903	$16.6 billion	225,360	98.5%
Colorado	$2,602	$15.1 billion	192,260	97.4%
Maryland	$2,423	$15.0 billion	190,713	95.9%
Wisconsin	$2,411	$14.2 billion	187,824	98.2%
Indiana	$2,038	$13.8 billion	186,164	97.2%
Missouri	$2,228	$13.7 billion	233,144	98.0%
Tennessee	$1,930	$13.4 billion	229,733	96.5%
Arizona	$1,724	$12.4 billion	169,250	95.8%
Louisiana	$2,621	$12.2 billion	217,322	95.9%
Oregon	$2,371	$10.1 billion	115,868	98.3%
Connecticut	$2,766	$9.9 billion	117,891	98.0%
Alabama	$1,871	$9.4 billion	169,558	96.5%
South Carolina	$1,691	$8.7 billion	150,225	96.2%
Oklahoma	$2,100	$8.3 billion	154,898	98.3%
Iowa	$2,534	$8.1 billion	171,720	99.5%
Kentucky	$1,729	$7.8 billion	128,416	98.1%
Kansas	$2,512	$7.4 billion	126,401	99.0%
Utah	$2,149	$7.1 billion	84,023	97.4%
Nevada	$2,189	$6.8 billion	118,232	93.1%
Mississippi	$1,835	$5.4 billion	138,389	95.7%
Nebraska	$2,741	$5.4 billion	114,184	99.2%
Arkansas	$1,659	$5.0 billion	102,038	97.7%
Hawaii	$2,626	$3.8 billion	44,567	96.4%
New Hampshire	$2,688	$3.7 billion	40,930	99.2%
Idaho	$1,893	$3.5 billion	52,391	98.5%
New Mexico	$1,596	$3.4 billion	41,162	97.5%
District of Columbia	$4,916	$3.3 billion	29,519	94.7%
Maine	$2,384	$3.3 billion	47,409	99.3%
North Dakota	$3,712	$2.9 billion	51,523	98.8%
Rhode Island	$2,624	$2.9 billion	33,804	98.0%
South Dakota	$3,075	$2.7 billion	64,078	99.2%
West Virginia	$1,450	$2.6 billion	33,314	97.9%
Montana	$2,384	$2.6 billion	47,066	98.9%
Delaware	$2,270	$2.3 billion	27,732	96.2%
Alaska	$2,794	$2.0 billion	23,696	97.1%
Vermont	$2,741	$1.8 billion	21,699	99.0%
Wyoming	$2,843	$1.6 billion	25,657	97.4%

The fifty states and the District of Columbia

2 more columns on a wider screen

Paycheck Protection Program loans by state, as of September 30, 2024
State	Approved	Per resident	Loans	Share of dollars
California	$103.2 billion$103,162,972,796	$2,610	1,270,597	13.0%
Texas	$62.7 billion$62,747,139,902	$2,146	938,525	7.9%
New York	$60.7 billion$60,733,814,687	$3,018	734,821	7.7%
Florida	$50.1 billion$50,062,847,474	$2,319	983,329	6.3%
Illinois	$37.3 billion$37,288,274,340	$2,914	620,004	4.7%
Pennsylvania	$30.5 billion$30,473,487,662	$2,345	342,421	3.8%
Ohio	$27.2 billion$27,183,717,177	$2,304	351,980	3.4%
New Jersey	$25.6 billion$25,592,689,000	$2,761	302,438	3.2%
Georgia	$24.9 billion$24,877,055,696	$2,318	553,314	3.1%
Michigan	$24.1 billion$24,128,547,594	$2,396	291,523	3.0%
Massachusetts	$21.1 billion$21,080,408,282	$3,018	217,229	2.7%
Washington	$18.3 billion$18,261,773,821	$2,363	195,227	2.3%
Virginia	$18.0 billion$17,971,973,798	$2,081	221,084	2.3%
North Carolina	$17.7 billion$17,665,334,879	$1,690	258,991	2.2%
Minnesota	$16.6 billion$16,578,705,991	$2,903	225,360	2.1%
Colorado	$15.1 billion$15,059,711,848	$2,602	192,260	1.9%
Maryland	$15.0 billion$14,969,399,738	$2,423	190,713	1.9%
Wisconsin	$14.2 billion$14,219,744,015	$2,411	187,824	1.8%
Indiana	$13.8 billion$13,840,329,271	$2,038	186,164	1.7%
Missouri	$13.7 billion$13,714,404,983	$2,228	233,144	1.7%
Tennessee	$13.4 billion$13,370,444,708	$1,930	229,733	1.7%
Arizona	$12.4 billion$12,389,799,641	$1,724	169,250	1.6%
Louisiana	$12.2 billion$12,191,634,818	$2,621	217,322	1.5%
Oregon	$10.1 billion$10,059,749,835	$2,371	115,868	1.3%
Connecticut	$9.9 billion$9,901,972,935	$2,766	117,891	1.2%
Alabama	$9.4 billion$9,414,831,199	$1,871	169,558	1.2%
South Carolina	$8.7 billion$8,679,266,932	$1,691	150,225	1.1%
Oklahoma	$8.3 billion$8,326,305,063	$2,100	154,898	1.1%
Iowa	$8.1 billion$8,085,507,000	$2,534	171,720	1.0%
Kentucky	$7.8 billion$7,795,923,189	$1,729	128,416	1.0%
Kansas	$7.4 billion$7,380,654,623	$2,512	126,401	0.9%
Utah	$7.1 billion$7,057,263,612	$2,149	84,023	0.9%
Nevada	$6.8 billion$6,824,235,027	$2,189	118,232	0.9%
Mississippi	$5.4 billion$5,428,739,881	$1,835	138,389	0.7%
Nebraska	$5.4 billion$5,381,079,797	$2,741	114,184	0.7%
Arkansas	$5.0 billion$5,000,146,265	$1,659	102,038	0.6%
Hawaii	$3.8 billion$3,810,947,655	$2,626	44,567	0.5%
New Hampshire	$3.7 billion$3,706,273,174	$2,688	40,930	0.5%
Idaho	$3.5 billion$3,500,423,291	$1,893	52,391	0.4%
New Mexico	$3.4 billion$3,380,088,439	$1,596	41,162	0.4%
District of Columbia	$3.3 billion$3,298,203,784	$4,916	29,519	0.4%
Maine	$3.3 billion$3,253,555,645	$2,384	47,409	0.4%
North Dakota	$2.9 billion$2,893,824,110	$3,712	51,523	0.4%
Rhode Island	$2.9 billion$2,877,535,620	$2,624	33,804	0.4%
South Dakota	$2.7 billion$2,729,579,826	$3,075	64,078	0.3%
West Virginia	$2.6 billion$2,598,463,498	$1,450	33,314	0.3%
Montana	$2.6 billion$2,592,142,331	$2,384	47,066	0.3%
Delaware	$2.3 billion$2,251,936,204	$2,270	27,732	0.3%
Alaska	$2.0 billion$2,047,445,068	$2,794	23,696	0.3%
Vermont	$1.8 billion$1,762,632,074	$2,741	21,699	0.2%
Wyoming	$1.6 billion$1,642,110,193	$2,843	25,657	0.2%

Filed under a code with no state page

SBA also filed loans under codes this site has no state page for. They are in every national figure above:

Paycheck Protection Program loans with no state page here, as of September 30, 2024
Filed under	Approved	Loans
PR, a territory	$2.8 billion$2,774,390,521	70,200
GU, a territory	$297.3 million$297,339,363	3,584
VI, a territory	$202.4 million$202,429,881	3,403
MP, a territory	$63.8 million$63,797,504	919
AS, a territory	$12.4 million$12,437,682	314
NA, as SBA wrote it	$5.0 million$4,981,042	115
No location on the loan	$658,903	28
AE, an armed-forces (APO) address	$63,987	4

Who borrowed, by the business type on the application

The type as SBA prints it, most loans first. Charged off is the share of the type’s loans whose status SBA records as charged off.

2 more columns on a wider screen

Paycheck Protection Program loans by business type, as of September 30, 2024
Business type	Loans	Approved	Average loan	Charged off
Sole Proprietorship	3,449,226	$59.1 billion$59,060,695,601	$17,123	9.4%
Limited Liability Company(LLC)	2,385,321	$200.7 billion$200,707,197,462	$84,143	2.5%
Corporation	2,324,029	$297.6 billion$297,588,290,640	$128,048	1.5%
Subchapter S Corporation	1,040,233	$130.8 billion$130,805,559,825	$125,746	1.2%
Self-Employed Individuals	876,198	$11.3 billion$11,291,969,533	$12,887	12.9%
Independent Contractors	816,784	$9.6 billion$9,580,143,570	$11,729	11.0%
Non-Profit Organization	250,238	$47.0 billion$47,032,783,485	$187,952	0.5%
Partnership	118,213	$13.8 billion$13,840,078,085	$117,077	1.2%
Single Member LLC	68,541	$1.0 billion$1,022,078,174	$14,912	8.1%
Limited Liability Partnership	59,401	$8.8 billion$8,818,167,137	$148,451	1.5%
Professional Association	39,154	$4.6 billion$4,636,644,496	$118,421	1.0%
501(c)3 – Non Profit	12,218	$3.0 billion$2,969,183,760	$243,017	1.1%
Cooperative	9,128	$1.9 billion$1,891,288,079	$207,196	1.2%
501(c)6 – Non Profit Membership	5,264	$553.8 million$553,753,151	$105,196	0.3%
Non-Profit Childcare Center	3,894	$592.2 million$592,214,870	$152,084	0.2%
Trust	2,526	$362.5 million$362,463,107	$143,493	1.5%
Joint Venture	1,617	$112.8 million$112,804,872	$69,762	6.1%
Qualified Joint-Venture (spouses)	1,112	$15.8 million$15,763,518	$14,176	6.2%
Employee Stock Ownership Plan(ESOP)	1,104	$944.0 million$944,023,860	$855,094	0.8%
Tenant in Common	656	$26.7 million$26,654,425	$40,632	5.9%
Housing Co-op	576	$79.4 million$79,360,729	$137,779	0.0%
501(c)19 – Non Profit Veterans	317	$5.6 million$5,611,353	$17,701	0.9%
Tribal Concerns	126	$56.1 million$56,087,978	$445,143	0.0%
Rollover as Business Start-Ups (ROB	41	$3.6 million$3,618,636	$88,259	0.0%
501(c) – Non Profit except 3,4,6,19	38	$5.3 million$5,286,910	$139,129	0.0%

2,255 loans carry no business type. They are in the national figures and not in this table.

The lenders that made the most loans

The servicing lender as SBA names it, ranked by the number of loans. The average loan beside it shows how large each lender’s loans were, and charged off the share of its loans whose status SBA records as charged off.

2 more columns on a wider screen

The 15 lenders with the most Paycheck Protection Program loans, as of September 30, 2024
Lender	Loans	Approved	Average loan	Charged off
Harvest Small Business Finance, LLC	597,432	$11.6 billion$11,563,412,544	$19,355	23.8%
Cross River Bank	554,703	$14.5 billion$14,466,011,874	$26,079	14.3%
Bank of America, National Association	491,035	$34.4 billion$34,412,024,450	$70,081	2.1%
JPMorgan Chase Bank, National Association	452,892	$44.1 billion$44,111,851,717	$97,400	2.2%
Prestamos CDFI, LLC	444,780	$6.8 billion$6,849,909,472	$15,401	9.9%
Capital Plus Financial, LLC	396,761	$6.3 billion$6,346,156,698	$15,995	11.8%
Customers Bank	357,641	$10.3 billion$10,270,243,793	$28,717	12.2%
Benworth Capital	311,022	$4.2 billion$4,222,794,692	$13,577	22.6%
Fountainhead SBF LLC	287,686	$4.7 billion$4,719,641,850	$16,406	12.4%
Wells Fargo Bank, National Association	280,664	$13.8 billion$13,774,209,755	$49,077	3.4%
U.S. Bank, National Association	196,057	$13.9 billion$13,895,233,173	$70,873	2.7%
Itria Ventures LLC	172,831	$4.9 billion$4,867,055,203	$28,161	10.9%
Square Capital, LLC	153,182	$1.5 billion$1,540,436,437	$10,056	2.1%
PNC Bank, National Association	150,019	$21.4 billion$21,408,598,962	$142,706	2.4%
TD Bank, National Association	133,139	$12.3 billion$12,276,646,002	$92,209	3.1%

Analysis

Each brief is prose written around values a query returned. Every figure in one is re-checked against its query before it can merge, so a number in the text cannot drift from the data behind it.

PPP loans approved in August 2020 were charged off 20 times as often as the program's first loans
Of the Paycheck Protection Program loans SBA approved in August 2020, 13.6% had been charged off by September 30, 2024. Of those approved in April 2020, the program's first month, 0.7% had.
Kian O'Connor · October 11, 2026
Half of the PPP loans charged off were sole proprietorships'
By September 30, 2024, the date of SBA's latest file, 643,039 of the 11,468,210 Paycheck Protection Program loans had been charged off: 5.6% of them. Half of those, 322,999 or 50.2%, were loans to businesses that gave their type as a sole proprietorship.
American Factbook Research · September 25, 2026

What this data cannot show

A borrower has no identifier in the file. There is no EIN, UEI or DUNS number, so two loans belong to one borrower here only where the name and address match exactly as published; a business that moved, or spelled its name two ways, is two borrowers.
Many borrowers are people. Sole proprietors, independent contractors and the self-employed borrowed under their own names, and a borrower page prints the name, city, state and ZIP, not the street address.
A loan is not a grant, and forgiveness is not a finding about the borrower. A charge-off means SBA paid the lender under its guarantee. The file carries no fraud flag, and nothing here implies one.
Jobs reported is the number of employees the borrower put on the application. It is not jobs saved, and SBA does not verify it in this file.
Race, ethnicity, gender and veteran status are self-reported and mostly unanswered, so a distribution of the answers is not a distribution of borrowers.
A loan's status is as of SBA's snapshot, September 30, 2024. Where SBA writes Exemption 4, the loan was disbursed and neither paid in full nor charged off, and its status is withheld.
Twenty-eight loans carry no location and no lender. They are in every national total and appear in the state, county and lender tables as a row with no location.
Every figure here counts loans, not businesses. A business could take a first draw and a second, and SBA publishes no identifier that would let the two be counted as one borrower.

The full method: How the PPP loan figures are made.

Everything in this hub

Every page in this topic, by kind: 10,691,355 in all.

Rankings

Each list ordered by one measure, with the figure behind every entry.

Borrowers

10,688,106

SBA’s record of each borrower’s loans, a borrower being a name and an address as SBA published them. The index lists every one by the state on its address, then by name.

States

PPP loans to businesses operating in each state, by county, with how many carry a forgiveness amount and how many were charged off.

Counties

3,146

The loans SBA recorded in each county and the largest borrowers there, by the county SBA names for the project. The 12 with the most loans are shown here; each state page lists all of its own.

Sources

SBA Paycheck Protection Program (PPP) FOIA — loan-level data — U.S. Small Business Administration · Public domain — U.S. Government work · retrieved September 25, 2026

Compiled automatically from SBA Paycheck Protection Program (PPP) FOIA — loan-level data by a checked SQL query · Editor: Kian O'Connor · How this site is built

Data retrieved September 25, 2026