As of June 6, more than 4.5 million Paycheck Protection Program loans had been made, totaling $511 billion over two rounds of funding, according to new data released by the Small Business Administration. For the first time, the data included a list of the top 15 PPP lenders.
The top five PPP lenders by net dollar amount were: JPMorgan Chase, Bank of America, PNC Bank, Truist and Wells Fargo. By number of loans made, top lenders were Bank of America, JPMorgan Chase, Wells Fargo, Cross River Bank and U.S. Bank.
Lenders with less than $10 billion in assets accounted for 44% of all PPP loans, while lenders between $10 billion and $50 billion accounted for 20% and lenders with more than $50 billion accounted for 37%. The overall average loan size was $113,000. As of the report date, approximately $130.7 billion in PPP funding was still available.