Wisconsin companies landing greater share of PPP loans compared to last year

Wisconsin companies have received 10,397 of the more than 400,000 loans approved in the roughly two weeks since the Paycheck Protection Program reopened.

The Wisconsin loans accounted for $926.1 million of the more than $35 billion in loans approved through Jan. 24.

Those figures put Wisconsin at 14th in loan volume and 11th in loan value across the country. The average loan size of $89,365 ranks 30th in the country, although it is slightly higher than the national average of $87,439.

In percentage terms, Wisconsin loans have accounted for about 2.6% of total PPP volume and nearly 2.7% of total value. In the first round of PPP loans, Wisconsin companies accounted for 1.7% of volume and 1.9% of loan value.

The PPP program reopened Jan. 11 to first-time borrowers and a few days later for those seeking a second loan. The latest round came with several changes, including stricter reporting requirements, a lower cap on loan sizes, streamlined forgiveness for smaller loans and other changes.

Nationally, about 19% of loans went to the accommodation and food service sector, which has been hard hit by the COVID-19 pandemic. The new PPP rules allowed businesses in the sector to get loans for up to 3.5x of their average monthly payroll in 2019 and 2020 while other sectors are capped at 2.5x their average payroll.

Loans to construction companies accounted for 14% of the total, manufacturing and professional, scientific and technical services accounted for 11% and health care and social assistance accounted for 10% to round out the top five sectors.

Check out the latest digital edition of STUFF Designed, Made and Built in Southeast Wisconsin:

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

No posts to display