Main Street Monday – Loan Fees for the Top Twenty 2020 PPP Lenders

July 18, 2022

Delaney Sexton
Contributing Editor

Main Street Monday – Loan Fees for the Top Twenty 2020 PPP Lenders

The lender with the most approved PPP loan for 2020 was Bank of America with 343,489 PPP loans. JPMorgan Chase Bank had the highest estimated loan fees with over $1 billion earned in loan fees. The bank that earned the highest fee per loan was Manufacturers and Traders Trust Company earning roughly $5,951.63 for each PPP loan in 2020.

Here are the statistics for the top 20 PPP lenders by volume in 2020:

• JPMorgan Chase Bank: 280,146 loans, $1,031,900,000 estimated PPP loan fees, Average fee per loan: $3,683.44
• Bank of America: 343,489 loans, $946,100,000 estimated PPP loan fees, Average fee per loan: $2,754.38
• PNC Bank: 96,466 loans, $493,600,000 estimated PPP loan fees, Average fee per loan: $5,116.83
• Wells Fargo Bank: 192,989 loans, $420,200,000 estimated PPP loan fees, Average fee per loan: $2,177.33
• Truist Bank d/b/a Branch Banking & Trust Co: 80,445 loans, $407,700,000 estimated PPP loan fees, Average fee per loan: $5,068.06
• TD Bank: 85,709 loans, $297,700,000 estimated PPP loan fees, Average fee per loan: $3,473.38
• Cross River Bank: 193,045 loans, $293,700,000 estimated PPP loan fees, Average fee per loan: $1,521.41
• U.S. Bank: 108,030 loans, $284,900,000 estimated PPP loan fees, Average fee per loan: $2,637.23
• The Huntington National Bank: 54,455 loans, $263,600,000 estimated PPP loan fees, Average fee per loan: $4,840.69
• KeyBank National Association: 43,124 loans, $243,600,000 estimated PPP loan fees, Average fee per loan: $5,648.83
• Zions Bank: 47,748 loans, $220,500,000 estimated PPP loan fees, Average fee per loan: $4,617.99
• Manufacturers and Traders Trust Company: 34,646 loans, $206,200,000 estimated PPP loan fees, Average fee per loan: $5,951.63
• Celtic Bank: 147,201 loans, $174,700,000 estimated PPP loan fees, Average fee per loan: $1,186.81
• Fifth Third Bank: 39,918 loans, $165,800,000 estimated PPP loan fees, Average fee per loan: $4,153.51
• Citizens Bank: 50,944 loans, $165,600,000 estimated PPP loan fees, Average fee per loan: $3,250.63
• Regions Bank: 46,498 loans, $156,500,000 estimated PPP loan fees, Average fee per loan: $3,365.74
• Kabbage, Inc.: 161,030 loans, $145,900,000 estimated PPP loan fees, Average fee per loan: $906.04
• Customers Bank: 68,821 loans, $111,500,000 estimated PPP loan fees, Average fee per loan: $1,620.15
• Readycap Lending, LLC: 34,227 loans, $102,300,000 estimated PPP loan fees, Average fee per loan: $2,988.87
• WebBank: 75,943 loans, $101,200,000 estimated PPP loan fees, Average fee per loan: $1,332.58
*Data through 1/2/2022 and from SBA

Source:
McClatchy Article