78,257 of 283,560 first-draw borrowers matched a 2021 loan; Kabbage kept 26.1% of its own
2026-09-18
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PPP borrower migration from first-draw lender to second-draw destination
Flow diagram: where the borrowers of seven 2020 lender cohorts got their 2021 second draw. Grey flows are borrowers with no second draw in the public data.
Same-lender retention across seven 2020 lender cohorts: zero, 26%, or 70–89%
Flow width is borrower identities. Grey means no observed 2021 second-draw match in public SBA data. Green Dot’s 100% is three borrowers.
Source: SBA PPP FOIA public files; deterministic name/address/ZIP matching, plus a name+state+ZIP5 fallback where a 2020 borrower has exactly one 2021 candidate.
AmEx -> Other 2021 lenders: 676 borrowers AmEx -> Readycap: 552 borrowers AmEx -> Customers Bank: 407 borrowers AmEx -> JPMorgan Chase: 133 borrowers AmEx -> Cross River Bank: 94 borrowers AmEx -> Itria Ventures LLC: 63 borrowers AmEx -> Benworth Capital: 57 borrowers AmEx -> WebBank: 18 borrowers AmEx -> Capital One: 6 borrowers AmEx -> No observed 2021 second draw: 4,948 borrowers Capital One -> Other 2021 lenders: 397 borrowers Capital One -> Cross River Bank: 97 borrowers Capital One -> Itria Ventures LLC: 83 borrowers Capital One -> Customers Bank: 50 borrowers Capital One -> WebBank: 35 borrowers Capital One -> JPMorgan Chase: 32 borrowers Capital One -> Readycap: 9 borrowers Capital One -> Benworth Capital: 5 borrowers Capital One -> Capital One: 5,467 borrowers Capital One -> No observed 2021 second draw: 9,493 borrowers Green Dot Bank -> Green Dot Bank: 3 borrowers Green Dot Bank -> No observed 2021 second draw: 14 borrowers Intuit -> Cross River Bank: 3,300 borrowers Intuit -> Other 2021 lenders: 804 borrowers Intuit -> JPMorgan Chase: 157 borrowers Intuit -> Customers Bank: 111 borrowers Intuit -> Itria Ventures LLC: 103 borrowers Intuit -> WebBank: 25 borrowers Intuit -> Readycap: 23 borrowers Intuit -> Capital One: 9 borrowers Intuit -> Benworth Capital: 8 borrowers Intuit -> LendingClub: 1 borrowers Intuit -> No observed 2021 second draw: 14,016 borrowers Kabbage -> Customers Bank: 16,189 borrowers Kabbage -> Other 2021 lenders: 6,892 borrowers Kabbage -> Itria Ventures LLC: 2,739 borrowers Kabbage -> Cross River Bank: 2,548 borrowers Kabbage -> Benworth Capital: 837 borrowers Kabbage -> Readycap: 410 borrowers Kabbage -> JPMorgan Chase: 303 borrowers Kabbage -> WebBank: 235 borrowers Kabbage -> Capital One: 14 borrowers Kabbage -> LendingClub: 2 borrowers Kabbage -> Kabbage: 10,675 borrowers Kabbage -> No observed 2021 second draw: 120,114 borrowers LendingClub -> Other 2021 lenders: 199 borrowers LendingClub -> Itria Ventures LLC: 24 borrowers LendingClub -> Customers Bank: 11 borrowers LendingClub -> Cross River Bank: 9 borrowers LendingClub -> Benworth Capital: 5 borrowers LendingClub -> Readycap: 3 borrowers LendingClub -> JPMorgan Chase: 2 borrowers LendingClub -> WebBank: 1 borrowers LendingClub -> LendingClub: 1,746 borrowers LendingClub -> No observed 2021 second draw: 3,478 borrowers WebBank -> Other 2021 lenders: 3,361 borrowers WebBank -> Cross River Bank: 1,063 borrowers WebBank -> Itria Ventures LLC: 909 borrowers WebBank -> Customers Bank: 628 borrowers WebBank -> JPMorgan Chase: 421 borrowers WebBank -> Readycap: 248 borrowers WebBank -> Benworth Capital: 137 borrowers WebBank -> Capital One: 22 borrowers WebBank -> Kabbage: 2 borrowers WebBank -> WebBank: 15,897 borrowers WebBank -> No observed 2021 second draw: 53,240 borrowers Kabbage
160,958 first-draw borrowers | 25.4% matched
WebBank
75,928 first-draw borrowers | 29.9% matched
Intuit
18,557 first-draw borrowers | 24.5% matched
Capital One
15,668 first-draw borrowers | 39.4% matched
AmEx
6,954 first-draw borrowers | 28.8% matched
LendingClub
5,478 first-draw borrowers | 36.5% matched
Green Dot Bank
17 first-draw borrowers | 17.6% matched
No observed 2021 second draw
205,303 borrowers
Customers Bank
17,396 borrowers
WebBank
16,211 borrowers
Other 2021 lenders
12,329 borrowers
Kabbage
10,677 borrowers
Cross River Bank
7,111 borrowers
Capital One
5,518 borrowers
Itria Ventures LLC (3,921)
LendingClub (1,749)
Readycap (1,245)
Benworth Capital (1,049)
JPMorgan Chase (1,048)
Green Dot Bank (3)
Returned to same lender
Rerouted to different lender
No observed second draw
Of 283,560 first-draw borrower identities, 78,257 matched a 2021 second draw; 205,303 did not. The grey bucket means no deterministic match to a 2021 second-draw loan in the public SBA files. It does not prove the business wanted a loan or was denied.
Same-lender share of each cohort’s matched borrowers: Capital One 88.5% (5,467 of 6,175), LendingClub 87.3% (1,746 of 2,000), WebBank 70.1% (15,897 of 22,688), Kabbage 26.1% (10,675 of 40,844), Green Dot 100% (3 of 3), American Express and Intuit zero. American Express bought the Kabbage platform and team but booked no 2021 PPP loans of its own, while “Kabbage, Inc.” kept appearing as a lender of record in the 2021 file, so a cohort’s 2021 label does not establish whether that channel was open for second draws.
Sources. SBA PPP FOIA loan-level files (original: data.sba.gov · stored capture ) · cohort summary CSV (each cohort’s borrower counts, match rate and same-lender returns) · flow-level CSV (every arrow in this diagram) · validation CSV .