Lenders nationwide had made approximately 4.7 million Paycheck Protection Program loans totaling $515 billion as of Saturday, the Small Business Administration reported today. Forty-four percent of all PPP loans were made by lenders with less than $10 billion in assets, 19% were made by institutions with $10 billion to $50 billion in assets, and 37% were made by institutions with more than $50 billion in assets. The overall average loan size was $110,000.
The data also included an updated list of the top 15 PPP lenders. The top five PPP lenders were JP Morgan Chase, Bank of America, PNC, Truist and Wells Fargo. With the PPP program now in its final days before the program expires on June 30, approximately $128 billion was still available as of the report date.