C-Suite Wednesday – Lenders Self Report PPP Loan Data
May 13, 2020
By Caity Witucki
Contributing Editor, C-Suite Wednesday
C-Suite Wednesday – Lenders Self Report PPP Loan Data
Through the Paycheck Protection Program (PPP), SBA lenders are helping to stabilize the nation’s financial system and restore market function by supporting small businesses across the country. According to SBA data, lenders processed approximately 1,661,367 PPP loans during the first round of funding and over 2,571,167 PPP loans have been processed and dispersed in round two.
Although the SBA has not published the names of the lending institutions that have produced the most PPP loans, more than 20 banks and lending institutions of varying sizes have published their own data:
- Bank of America has processed over 265,500 loans worth a total of $24.9 billion (almost 4% of the total value of the SBA’s program).
– - PNC says it had facilitated 70,500 loans worth $14 billion.
– - US Bank had processed approximately 75,000 worth $7 billion.
– - Kabbage has made approximately 600 PPP loans and has 27,000 loans in its queue.
According to SBA data published on May 8th, just over half of total in round two has been lent by the largest banks and lenders – those with more than $50 billion in assets. However, due to an increased emphasis on allowing smaller community banks and alternative lenders to participate, almost a third (32%) of the total funding has been lent by institutions with less than $10 billion in assets.
Additionally, the fastest-growing segment of PPP lenders are also those with less than $10 billion in assets. Over the span of just one day (May 7 to May 8), the SBA reported 62,361 new PPP loans processed by lenders with less than $10 billion in assets. In contrast, those with over $50 billion in assets only did about 3,541 new loans during the same time span.
Additional SBA data about PPP loan approvals can be found here.
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