Articles · Lenders and fintech
Reported article
Who Made Money From Pandemic Relief
Womply, which arranged Paycheck Protection Program loans for other lenders, billed them $1.8 billion to $2.6 billion and heads the ranking. Among lenders, JPMorgan Chase was owed the most, about $1.70 billion; Blueacorn, which made no loans, collected about $1.08 billion.
The ranking
Figures are in millions of dollars. Womply's figure is what it billed. For the others it is what each collector received and kept, as far as its filings, audits and court records show; where they show nothing, it is the processing fee the SBA's schedule set on each of the lender's own loans (the loan-by-loan fee model). Ranges are ranked at their midpoint. RER Solutions' figure is a floor: the $357.3 million it had received after paying its subcontractors, out of the $740.5 million the SBA Inspector General audited on its COVID-19 order (House invoices through February 2021 give the same figure). SBA paid $139.5 million more on that order and a second one, which neither report divides. Each figure is worked out, with its sources, in the collector's own piece.
| Rank | Rank without Womply | Collector | Fees, $ millions | Basis |
|---|---|---|---|---|
| 1 | - | Womply (Oto Analytics) | 1,847.0-2,641.0 billed | court records and modeled lender fees |
| 2 | 1 | JPMorgan Chase | 1,700.2 | modeled (First Republic split out) |
| 3 | 2 | Bank of America | 1,491.1 | modeled |
| 4 | 3 | Blueacorn | 1,080.0-1,086.0 | reported ($700 million and $386 million) |
| 5 | 4 | Cross River Bank | 1,034.6 | modeled |
| 6 | 5 | Wells Fargo | 690.0 | company filings (about $420 million and about $270 million) |
| 7 | 6 | PNC Bank | 606.8 | modeled |
| 8 | 7 | Truist Bank | 588.5 | modeled |
| 9 | 8 | U.S. Bank | 506.9 | modeled |
| 10 | 9 | TD Bank | 497.9 | modeled |
| 11 | 10 | Itria Ventures | 473.4 | modeled |
| 14 | 13 | RER Solutions | at least 357.3 | audit and House invoices, to February 2021 |
| 17 | 16 | Customers Bank | 350.0 | company proxy statement |
| 19 | 18 | M&T Bank | 337.9 | modeled (People's United split out) |
| 23 | 22 | Capital Plus Financial | 305.7 | audited company accounts |
The places the series skips go to collectors without a piece of their own: KeyBank (12th, $379.3 million), Zions Bancorporation (13th, $361.4 million), Prestamos CDFI (15th, $355.1 million), Guidehouse (16th, $352.4 million), the Goldschmitt-CRI joint venture (18th, $339.4 million), Highlight Technologies (20th, $337.9 million), Harvest Small Business Finance (21st, $319.3 million) and ReadyCap Lending (22nd, $307.5 million).