Derived table · PPP

The 2021 fee floor, lender by lender

Name: The 2021 fee floor, lender by lender
Creator: Pandemic Darlings
Published: 2026-10-15

Prestamos CDFI earned $1.05 billion in modeled SBA processing fees on 443,855 PPP loans dated 2021. Under the 2020 schedule the same loans would have paid $340.69 million: $713.14 million less, the largest loss of any lender. Across the 4,470 lenders with 2021 loans the swing is $8.74 billion, from $20.07 billion to $11.33 billion. Run the other way, the 2021 schedule on the 5,136,260 loans dated 2020 adds $5.15 billion, and Bank of America gains the most, $372.04 million.

Rows4689

Columns15

Files1 · 620 KB

FormatCSV

Source vintageSBA PPP FOIA loan-level file, release of September 30, 2024 (13 files, 11,468,210 rows, 11,468,206 disbursed loans)

Published byPandemic Darlings

Acquired / built2026-10-15

Built fromSBA PPP FOIA loan-level data, priced under the fee schedules by vintage

SHA-256f38e7f0e1a226a1b1aa914cef64a07a29282b1a6f661a90f237dada29d875f46

RightsDerived from U.S. government public data and published fee rules; attribution to Pandemic Darlings requested.

Dictionarydictionary.csv

Download CSV 620 KB Data dictionary CSV At a glance Preview Columns How to use Before you quote a row

At a glance

Measured on the file on 2026-10-15; the checksum above is the file these numbers describe.

Rows4689

Columns15

Keyoriginating_lender · unique

Cells left blank0 of 70,335 · 0.0%

Lenders4,689

2020 loans under the 2021 schedule+$5.15 billion

2021 loans under the 2020 schedule−$8.74 billion · 43.5% of 2021 fees

Largest gainBank of America · $372.04 million

Largest lossPrestamos CDFI · $713.14 million

Fees in the file$38.24 billion on 11,468,206 loans · 4.8%

2021 loans of $50,000 or less5,478,954 · $12.76 billion of fees against $4.25 billion

The same loans by size band and vintage: loans, dollars and fees under each schedule

Vintage	Loan size	Loans	Dollars	Modeled fee	Under the 2020 schedule	Under the 2021 schedule
2020	Under $5,000	520,074	$1.56 billion	$0.08 billion	$0.08 billion	$0.78 billion
2020	$5,000 to $10,000	657,456	$4.81 billion	$0.24 billion	$0.24 billion	$1.64 billion
2020	$10,000 to $21,000	1,280,555	$20.57 billion	$1.03 billion	$1.03 billion	$3.20 billion
2020	$21,000 to $50,000	1,047,950	$34.92 billion	$1.75 billion	$1.75 billion	$2.62 billion
2020	$50,000 to $150,000	973,569	$84.31 billion	$4.22 billion	$4.22 billion	$4.22 billion
2020	$150,000 to $350,000	375,999	$84.38 billion	$4.22 billion	$4.22 billion	$4.22 billion
2020	$350,000 to $2 million	251,717	$186.38 billion	$5.59 billion	$5.59 billion	$5.59 billion
2020	$2 million and above	28,940	$104.85 billion	$1.05 billion	$1.05 billion	$1.05 billion
2021	Under $5,000	885,614	$2.56 billion	$1.28 billion	$0.13 billion	$1.28 billion
2021	$5,000 to $10,000	913,135	$6.69 billion	$2.28 billion	$0.33 billion	$2.28 billion
2021	$10,000 to $21,000	3,075,596	$55.74 billion	$7.69 billion	$2.79 billion	$7.69 billion
2021	$21,000 to $50,000	604,609	$19.97 billion	$1.51 billion	$1.00 billion	$1.51 billion
2021	$50,000 to $150,000	547,814	$48.56 billion	$2.43 billion	$2.43 billion	$2.43 billion
2021	$150,000 to $350,000	185,766	$42.05 billion	$2.10 billion	$2.10 billion	$2.10 billion
2021	$350,000 to $2 million	112,983	$79.91 billion	$2.40 billion	$2.40 billion	$2.40 billion
2021	$2 million and above	6,429	$15.34 billion	$0.38 billion	$0.15 billion	$0.15 billion

From ppp-fee-schedule-counterfactual-size-bands.csv; the 2021 modeled fee follows the first-draw or second-draw rule, so on the $2 million and above row it matches neither comparison column.

What it is

One row for each of 4,689 originating lenders named in the SBA loan-level file, 4,619 of them with loans dated 2020 and 4,470 with loans dated 2021. Each row holds the loans and dollars of each vintage, the SBA processing fee modeled under the schedule in force for the loan, and the fee the same loans would have carried under the other year's schedule. The 2020 schedule paid 5 percent on loans up to $350,000; the 2021 schedule paid the lesser of 50 percent or $2,500 on loans of $50,000 or less and left every tier above that alone.

On the 2020 book the floor would have added $5.15 billion to $18.17 billion of fees. The six largest gains, in order: Bank of America $372.04 million, JPMorgan Chase $270.11 million, Cross River Bank $261.57 million, Kabbage $241.94 million, Wells Fargo $229.15 million and Celtic Bank $202.19 million. Loans of $50,000 or less were 68.3% of the 2020 count and 17.0% of its fees, so the floor would have lifted many small fees without touching the large-loan business.

On the 2021 book the 2020 schedule takes $8.74 billion out of $20.07 billion. The seven largest losses, in order: Prestamos CDFI $713.14 million, Capital Plus Financial $629.47 million, Harvest Small Business Finance $627.49 million and Benworth Capital $486.93 million, then Fountainhead $438.53 million, Cross River Bank $423.30 million and Lendistry $325.35 million. The 5,478,954 loans of $50,000 or less dated 2021 paid $12.76 billion in modeled fees, an average of $2,329 on an average loan of $15,506; under the 2020 schedule they pay $4.25 billion, $775 a loan. The $10,000 to $21,000 band grew from 1,280,555 loans in 2020 to 3,075,596 in 2021.

How it was built

Every row of the 13 SBA files counts once; a loan is disbursed when its undisbursed amount is below its current approval amount, 11,468,206 of 11,468,210 rows. The vintage is the year of the approval date. A loan dated 2020 is priced under the first PPP interim final rule: 5 percent up to $350,000, 3 percent to $2 million, 1 percent above. A first-draw loan dated 2021 is priced under the rule of January 14, 2021, which replaced the lowest tier with the lesser of 50 percent or $2,500 for loans of $50,000 or less. A second-draw loan dated 2021 is priced under the second-draw rule of the same day, which carries the same small-loan tier and 3 percent on everything above $350,000.

The counterfactual columns price each loan under the other year's schedule. The only loans whose fee moves are those of $50,000 or less, plus the second-draw loans of $2 million and above, which the 2020 schedule prices at 1 percent against the second-draw rule's 3 percent. The loss column sums $20.07 billion of modeled 2021 fees against $11.33 billion under the 2020 schedule; the gain column sums $23.32 billion under the 2021 schedule against $18.17 billion. Rows are sorted by total modeled fees, largest first; 28 loans with no lender name in the file sit in one row marked as such.

Preview

originating_lender	loans_2020	loans_2020_50k_or_less	dollars_2020_usd	fees_2020_usd	fees_2020_under_2021_schedule_usd	gain_if_2021_schedule_in_2020_usd	loans_2021	loans_2021_50k_or_less	dollars_2021_usd	fees_2021_usd	fees_2021_under_2020_schedule_usd	loss_if_2020_schedule_in_2021_usd	loans_total	fees_total_usd
JPMorgan Chase Bank, National Association	289981	188386	31179028055.71	1093383063.30	1363492079.64	270109016.35	162911	109482	12932823660.98	697162352.95	525112801.53	172049551.43	452892	1790545416.25
Bank of America, National Association	343487	253154	25477704027.59	946532709.15	1318568659.20	372035950.05	147547	108299	8934264857.00	544598268.50	379098014.25	165500254.25	491034	1491130977.65
Prestamos CDFI, LLC	925	811	26552975.86	1250674.03	2508647.67	1257973.63	443855	443674	6823356496.00	1053823691.55	340686077.60	713137613.95	444780	1055074365.58
Cross River Bank	193045	168515	6382666678.88	293984900.33	555551220.82	261566320.49	285821	269466	6512005614.05	740632368.77	317331580.12	423300788.65	478866	1034617269.10
Harvest Small Business Finance, LLC	5208	1746	1249667455.91	39041928.51	40869609.43	1827680.91	402965	399755	6937074703.84	963589998.59	336100078.72	627489919.87	408173	1002631927.10
Capital Plus Financial, LLC	0	0	0.00	0.00	0.00	0.00	395359	394792	6213416269.31	937325953.93	307858162.79	629467791.13	395359	937325953.93
Benworth Capital	579	468	24865274.91	1139891.01	1861430.34	721539.33	310443	309817	4197929416.62	696269537.02	209338011.93	486931525.09	311022	697409428.02
Wells Fargo Bank, National Association	193018	151755	10280357100.69	420685221.33	649836491.18	229151269.85	87699	71303	3497356664.00	269379205.37	158702117.22	110677088.15	280717	690064426.70
Fountainhead SBF LLC	2761	738	370500916.73	15524081.15	16309969.34	785888.19	269466	268364	3756496860.17	625097842.09	186565658.91	438532183.18	272227	640621923.23
PNC Bank, National Association	73911	40666	12996446583.14	392000388.53	447079461.61	55079073.08	45441	29696	4325086294.00	214847083.51	164311445.46	50535638.05	119352	606847472.04
Truist Bank	80445	45127	12547329030.66	407750437.81	470221421.04	62470983.23	37511	24110	3659903029.63	180706071.53	141842178.79	38863892.74	117956	588456509.34
Customers Bank	68765	59054	2633430024.63	111456989.71	203958206.81	92501217.09	180896	170272	3696611823.93	446748651.18	176049142.46	270699508.71	249661	558205640.89
BSD Capital, LLC dba Lendistry	3517	2604	185108227.00	8639905.97	12435041.37	3795135.40	203207	201986	3811527037.50	512442293.45	187087775.88	325354517.57	206724	521082199.42
U.S. Bank, National Association	108030	80146	7586715906.01	284948435.07	404592289.85	119643854.78	66792	53201	3228230931.00	221990265.63	138770166.23	83220099.40	174822	506938700.70
TD Bank, National Association	85711	58108	8549196846.76	298292364.12	383138107.06	84845742.94	47429	32855	3717636306.51	199621154.04	148463401.77	51157752.28	133140	497913518.16

First 15 of 4689 rows · cells longer than 60 characters are cut with an ellipsis · shown as text, unformatted.

Files

File	Rows	Size	SHA-256
`ppp-fee-schedule-counterfactual.csv` CSV, UTF-8, header row	4,689	635,154 B	f38e7f0e1a226a1b1aa914cef64a07a29282b1a6f661a90f237dada29d875f46	Download ↓
`dictionary.csv` data dictionary, 15 rows	15	—	built with this page	Download ↓

Columns

Column	Type, measured	Distinct	Range / values	Meaning
`originating_lender`	text	4,689	JPMorgan Chase Bank, National Associatio (1), Bank of America, National Association (1), Prestamos CDFI, LLC (1)	Lender name as the SBA file prints it in OriginatingLender.
`loans_2020`	integer	1,320	0 – 343.5K · median 177	Disbursed loans with a 2020 approval date.
`loans_2020_50k_or_less`	integer	1,074	0 – 253.2K · median 126	Of those, loans of $50,000 or less.
`dollars_2020_usd`	number	4,620	0.00 – 31.2B · median 10.9M	Current approval amount of the 2020 loans, dollars.
`fees_2020_usd`	number	4,620	0.00 – 1.1B · median 452.9K	SBA processing fees modeled on the 2020 loans under the 2020 schedule, dollars.
`fees_2020_under_2021_schedule_usd`	number	4,572	0.00 – 1.4B · median 665.6K	The same 2020 loans priced under the 2021 first-draw schedule, dollars.
`gain_if_2021_schedule_in_2020_usd`	number	4,611	0.00 – 372.0M · median 183.6K	fees_2020_under_2021_schedule_usd minus fees_2020_usd.
`loans_2021`	integer	1,292	0 – 443.9K · median 201	Disbursed loans with a 2021 approval date, first and second draw.
`loans_2021_50k_or_less`	integer	1,162	0 – 443.7K · median 158	Of those, loans of $50,000 or less.
`dollars_2021_usd`	number	4,471	0.00 – 12.9B · median 7.2M	Current approval amount of the 2021 loans, dollars.
`fees_2021_usd`	number	4,441	0.00 – 1.1B · median 630.4K	SBA processing fees modeled on the 2021 loans under the first-draw or second-draw schedule, dollars.
`fees_2021_under_2020_schedule_usd`	number	4,471	0.00 – 525.1M · median 329.6K	The same 2021 loans priced under the 2020 schedule, dollars.
`loss_if_2020_schedule_in_2021_usd`	number	4,456	0.00 – 713.1M · median 251.3K	fees_2021_usd minus fees_2021_under_2020_schedule_usd.
`loans_total`	integer	1,842	1 – 491K · median 400	loans_2020 plus loans_2021.
`fees_total_usd`	number	4,688	125.00 – 1.8B · median 1.1M	fees_2020_usd plus fees_2021_usd; the sort key.

Type, blanks, distinct count, and range are measured on the file. The same table as CSV: dictionary.csv.

How to use it

Specific to this file, measured on it: keys, joins, encodings, units, and the values that will trip a naive count.

Two directions, two books. The gain column asks what the 2021 floor would have paid on the loans actually made in 2020; the loss column asks what the 2020 schedule would have paid on the loans actually made in 2021. Neither says which 2021 loans exist because the floor did.
By loan size instead. ppp-fee-schedule-counterfactual-size-bands.csv gives loans, dollars and fees under each schedule for eight size bands in each vintage, and ppp-fee-schedule-counterfactual-under-50k.csv sums the loans of $50,000 or less with their average fee under each schedule.
Sorted by total modeled fees, largest first. Sort on loss_if_2020_schedule_in_2021_usd for the 2021 view: Prestamos CDFI, then Capital Plus Financial, then Harvest Small Business Finance.
LF line endings, UTF-8, 635,154 bytes.

Before you quote a row

Modeled fees. The schedules applied to each loan's current approval amount, with no ledger of what the SBA paid; forgiveness, interest and the lenders' payments to agents and platforms are outside the table.
The second-draw tail. The 2021 second-draw rule prices a $2 million loan at 3 percent where the 2020 schedule paid 1 percent. The 2021 loans of $2 million and above carry $379.84 million of modeled fees against $153.40 million under the 2020 schedule, $226.44 million of the $8.74 billion swing. The rest is the small-loan floor.
Different borrowers. The 2020 and 2021 books are different loans to a largely different population; the counterfactual reprices each book, it does not move loans between years.
Names as printed. A lender that appears under two spellings in the SBA file has two rows; the lender totals table uses the same names.

Cite this table. Name the source vintage; the numbers depend on it.

PPP fee-schedule counterfactual by lender: 2020 loans priced under the 2021 schedule and 2021 loans priced under the 2020 schedule. Pandemic Darlings, https://pandemicdarlings.com/data/ppp-fee-schedule-counterfactual/, SHA-256 f38e7f0e1a226a1b1aa914cef64a07a29282b1a6f661a90f237dada29d875f46