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Jason Lloyd

Executive

PPP
Type
Person
Role
Executive
Programs
PPP
Updated

The profile

President and CEO of WebBank, the Salt Lake City industrial bank that made 119,182 PPP loans worth $3.18 billion, most of them through PayPal. The Federal Reserve funded the book, the SBA forgave $2.97 billion of it, and no PPP-fraud finding or charge names the bank or Lloyd.

Identity and role

Jason Lloyd is the president and chief executive of WebBank, a Utah-chartered, FDIC-insured industrial bank owned by Steel Partners Holdings. WebBank lends under its own charter for consumer and small-business fintechs, which market and service the loans. In the PPP it was the lender of record behind PayPal's program: PayPal's January 2021 release said, "The lender for Paycheck Protection Program loans provided through PayPal is WebBank, Member FDIC."

Career

The Org's page lists him as President & Chief Executive Officer at WebBank. His LinkedIn page, which is self-reported, and FF News give the sequence: senior vice president and director of the Strategic Partnership Group from July 2008 to March 2017; executive vice president for strategy and business development from March 2017 to December 2020; president from January 2021 to March 2022; and president and CEO since March 2022. He sits on the board of the Utah Bankers Association.

The filings fit that sequence. Steel Partners' August 2020 letter to stakeholders said "Kelly Barnett is the President of WebBank." WebBank's leadership page, archived May 11, 2021, listed "Jason Lloyd – President." Lloyd ran strategy and partnerships when the PPP book was written in 2020. He was president while it was forgiven, sold and wound down.

Pandemic-relief role

WebBank made 119,182 PPP loans worth $3.18 billion, an average of about $26,718, "primarily with one of its lending partners," in the words of Steel Partners' mid-2020 10-Q. The same letter that named Barnett said WebBank "completed approximately $2.1 billion of PPP loans with our partners" in the second quarter of 2020.

The Fed paid for the loans. WebBank drew 256 advances totaling $3.65 billion from the PPP Liquidity Facility between April 16, 2020 and July 14, 2021, with $2.75 billion outstanding at the peak on May 10, 2021. The Fed charged 0.35 percent; the loans paid 1 percent, and the SBA guaranteed them. Total assets went from $960.7 million at the end of 2019 to $2.70 billion at mid-2020.

Steel Partners' filings put interest earned on PPP loans at $14.9 million in 2020, $23.1 million in 2021 and $3.2 million in 2022, or $41.2 million over three years. Applying the SBA's lender-fee schedule to WebBank's loans in the SBA data gives about $214.5 million in processing fees. That figure is our calculation; the filings print no fee total and do not say whether any fee went to the partner. WebBank's net income was $50.0 million in 2019, $51.7 million in 2020 and $61.1 million in 2021.

How the book ended

Steel Partners reported that forgiveness, loan sales and borrower payments during 2021 cleared 89.3 percent of WebBank's PPP portfolio, and 98.4 percent through 2022. The SBA data shows $2.97 billion forgiven. It lists Customers Bank, the Philadelphia bank run by Jay Sidhu and Sam Sidhu, as servicer on 21,336 WebBank-originated loans; the 2021 10-K says PPP loans were "sold" and does not name a buyer. As of February 28, 2026, 40 WebBank advances were still open at the Fed, totaling $108,504.24.

Their own relief

We found no PPP or EIDL loan to Jason Lloyd personally, or to WebBank as a borrower.

Jason Lloyd has not been charged with a crime, and we found no PPP enforcement action against WebBank. WebBank was not among the eight lenders the SBA named in its December 8, 2022 statement as subjects of a "full investigation" after the House Select Subcommittee's fintech report. Steel Partners' annual reports for 2020 through 2023 carry a risk factor that WebBank "is subject to risks of litigation from its borrowers or others regarding the processing of loans" under the program.

Since 2025

The Org's page lists Lloyd as president and CEO of WebBank, which still lends for fintech partners including PayPal.

Documents on this site

Original source documents and archived copies

Sources

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