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Which Banks Have Loaned the Most Through PPP?

$511 billion has been borrowed through the PPP, with smaller banks and lenders accounting for half of all loans

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Which Banks Have Loaned the Most Through PPP?

Smaller banks and lenders have accounted for half of all loans issued under the Paycheck Protection Program (PPP), according to new data.

The Small Business Administration (SBA), which is facilitating the loan program, reported this week that more than $511 billion had been loaned to 4.5 million businesses across America since the start of April.

Banks and other lenders with less than $10 billion in assets accounted for more than 2.2 million loans, with a combined value of $224 billion.

This included almost 1.3 million loans worth $67.5 billion in the PPP’s second round, introduced in late April after the first round was used up within weeks of its launch.

For the first time, the SBA’s weekly data also revealed the banks that had processed the most loans through the PPP.

JP Morgan Chase accounted for 4.3% of all PPP loans by value as of June 6, the SBA reported, lending $28.6 billion to 257,000 businesses.

Bank of America ranked second, having loaned $24.9 billion to more than 325,000 companies.

PNC Bank, Truist and Wells Fargo all processed more than $10 billion worth of PPP loans.

The SBA reported that 302 community development financial institutions have participated in the second round of the PPP, lending $2.9 billion to more than 60,000 businesses.

More than 3,500 banks with less than $1 billion in assets participated in the PPP’s second round, lending nearly $83 billion to more than 982,000 companies.

The SBA’s data also showed:

  • Credit unions with less than $1 billion loaned $2.9 billion to more than 57,000 companies.
  • 19 fintech companies participated in the second round of loans, facilitating $2.4 billion worth of loans to more than 82,000 companies.
  • Smaller savings & loans providers helped 11,000 companies borrow just over $1 billion in total.
  • More than 530,000 Californian businesses tapped the PPP, borrowing $66.6 billion – the most of any state.
  • The majority of second round loans – 2.9 million, or 65% of all loans – were for less than $50,000.
  • Companies in the health care and social assistance sector borrowed the most ($66.1 billion), closely followed by professional, scientific and technical services businesses ($65.2 billion).

The PPP lending facility was introduced at the end of March and was designed to help small businesses across America ride out the worst of the economic impact of the COVID-19 pandemic.

In total, the PPP has made $650 billion available to small businesses through loans. Approximately $130 billion is still available, and companies have until June 30 to apply.

The SBA’s data is available in full here.

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