BMO Harris ($4.84 billion loaned)īMO Harri had the highest average loan size among top lenders. ![]() Yet, this is much narrower than the 8.3 percentage point gap it registered during the PPP's first tranche. The bank approved 4.6% of the total PPP loan volume, as of June 30, while holding a 9.5% share of the SMB lending market-the largest gap among peers. Bank of America (BofA) ($25.56 loaned)īofA had relatively low shares of PPP loan volume compared with their shares of the US small- and medium-sized business (SMB) lending market. Its average loan size of $104,760 is just over the program's overall average of $101,000-this is particularly impressive when compared with its average loan size of $515,304 in the PPP's first tranche. It was the biggest distributor, having approved a total of $29.35 billion as of August 8. But some of the most impacted industries, like accommodation and food, didn't get the level of relief they needed.īelow are highlights from some of the top PPP approved lenders: JPMorgan Chase ($29.35 billion loaned)Ĭhase came out on top in terms of total approved sums, while also achieving relatively low average loan size. In some industries, significant need for funds was matched with higher supply, such as in healthcare. The PPP was more successful in getting funds to hard-hit states during the second installment, though it had a mixed track record of reaching the hardest-hit industry sectors. Now their objective has pivoted to processing loan forgiveness applications, a task that might be even more strenuous than approving loans. Some banks had hitches in their PPP loan applications, funds weren't going to the areas that needed them the most, and larger loans were favored by several institutions-but most of these issues were mitigated or rectified by the end of the program in August. Despite early missteps, they achieved much of what they set out to do, getting $525 billion of much-needed aid to US small businesses. At the program's close on August 8, 2020, $134 billion was left undrawn.īanks that acted decisively in deploying PPP loans stood to earn new clients and goodwill from regulators, as well as a slice of billions in loan fees. But uptake slowed during round two as larger businesses returned loans following public outcry, while complex requirements and murky loan forgiveness guidelines deterred small businesses from applying. A staggering $659 billion was allocated to the PPP across two separate installments, with funds for the $349 billion first round being tapped out in less than two weeks. In April 2020, the US government launched the historic Paycheck Protection Program (PPP) for banks to provide financial assistance to small businesses struggling amid the COVID-19 pandemic. FYIs, partner content, webinars, and other offers) and accept our ![]() and receive emails from Insider Intelligence and eMarketer (e.g. It often indicates a user profile.īy clicking ‘Sign up’, you agree to be contacted by Insider Inc. Account icon An icon in the shape of a person's head and shoulders.
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