At the current rate, the SBA will finish processing all EIDL applications within approximately 4.9 years

[tinychritsian99]

Now, I'm no math whiz, so please correct me if I'm wrong, but I just did a back-of-the-napkin calculation this morning when I was drinking my coffee and the results are so disturbing I nearly spat out my coffee.

1. SBA processed only 39,036 EIDL applications within the most recent two week time period.
2. There are approximately 5 million applications in the system as of April 27th according to media reports.
3. 39,036 / 14 is approximately 2,788.
4. The SBA, therefore, is averaging 2,788 applications per day
5. 5 million divided by 2,788 is approximately 1793.
6. There are 365 days in a year.
7. 1793 divided by 365 is approximately 4.9.
8. Therefore, at the current rate, it will take SBA approximately 4.9 years to process all the EIDL applications already in the system.

EDIT: Based on information from cue378, assuming 1/3rd of applications are auto-declined, and the actual number in recent days is closer to 10,000 applications processed per day, it will take approximately 330 days, or about 10 months to process all EDIL applications in the system. Note: this does not include a calculation for those that submitted applications only for the grant and then subsequently declined the loan.

References:

https://www.newsday.com/business/coronavirus/sba-loans-money-ran-out-1.44210831

https://www.sba.gov/sites/default/files/2020-04/EIDL COVID-19 Loans 4.24.20.pdf

https://www.sba.gov/sites/default/files/2020-05/EIDL COVID-19 Loan 5.9.20_0.pdf

 

[joseph700]

@tinychritsian99 Good post but outdated data. They have been doing almost 10k daily past few days.

 

[tinychritsian99]

@joseph700 Thank you cue378. Also, thank you for your significant contribution to this reddit and to the small business community. May I ask where you obtained your data? I do not mean to be disagreeable, but I am interested in where you derive the 10k figure from. I am curious.

 

[joseph700]

@tinychritsian99 Thanks for kind words. All SBA loan are originated in the e-tran system. All loan totals are posted there publically and updated throughout the day including disaster loans. If you check often and take notes you can gather a lot of data.

https://caweb.sba.gov/cls/dsp_login.cfm

SBA today section

 

[tinychritsian99]

@joseph700 Thank you.