Rankings & leaderboards·PPP Originating Lenders
PPP Lenders by Estimated Processing Fees
What the Paycheck Protection Program paid lenders to originate it — modeled loan by loan from SBA's published fee schedule, because SBA never published what each lender was actually paid. Across 4,688 originating lenders and 11,468,206 loans, the modeled fee pool totals $38.24B; the 25 lenders below account for $16.20B (42.4 percent), led by JPMorgan Chase Bank, National Association ($1,790,545,416).
Loan file 30 September 2024 FOIA releaseRecalculated 19 September 2026Universe 4,688 lenders · 11,468,206 loans ($38.24B modeled fees)Source PPP lender fee model
- No. 1 JPMorgan Chase Bank, N.A. (452,892 loans)
- $1,790,545,416
- Modeled fees across the top 25 lenders (42.4%)
- $16.20B
- Total modeled fee pool across all 4,688 lenders
- $38.24B
- Loans priced in the 30 September 2024 FOIA release
- 11,468,206
How the $38.24B modeled fee pool was distributed
SBA never published per-lender fee payments; every figure here applies SBA’s published fee schedule for each loan’s vintage and size band to the approved amount in SBA’s FOIA file.
The 25 largest originating lenders account for $16.20B (42.4%) of the $38.24B modeled fee pool
How the $38.24B in modeled processing fees across 11,468,206 loans divides between the top 25 originating lenders and the other 4,663 lenders in the SBA FOIA file.
The four originating lenders above $1.03B in modeled PPP fees
Modeled processing fees under SBA’s 2020 and 2021 schedules for the top four originating lenders (each above $1.03B). All 25 ranked lenders appear in the sortable table below.
Source: PPP processing fees by originating lender, modeled loan by loan from the SBA PPP FOIA release (30 September 2024); recalculated 19 September 2026.
- 1
JPMorgan Chase Bank, National Association
$1,790,545,416Modeled processing fees · 1st of 4,688 lenders- Loans
- 452,892
- Approved
- $44.11B
- Fee / loan
- $3,954
Largest originating lender both by approved PPP dollars ($44.11B) and by modeled processing fees ($1,790,545,416).
- 2
Bank of America, National Association
$1,491,130,978Modeled processing fees · 2nd of 4,688 lenders- Loans
- 491,034 (most in top 25)
- Approved
- $34.41B
- Fee / loan
- $3,037
Originated 491,034 loans — the highest loan count of any single originating lender in the FOIA file.
- 3
Prestamos CDFI, LLC
$1,055,074,366Modeled processing fees · 3rd of 4,688 lenders- Loans
- 444,780
- Approved
- $6.85B
- Fee / loan
- $2,372
Third by modeled fees on $6.85B of approved volume: the schedule’s percentage is highest on the smallest loans.
The 25 largest by modeled fee
Two of the rows without a rank are platform networks, not lenders. Womply and Blueacorn originated no PPP loans; their loans were made by partner lenders. Neither platform is in SBA's originating-lender field, and those loans are already counted in the partner lenders' rows in this table. The Blueacorn row is the whole PPP book of its partner lenders, including loans those lenders may have made without the platform, so it is an upper bound on platform-sourced volume, not a measured count of platform originations, and its fee figure is the sum of those lenders' modeled fees under SBA's schedule, not platform revenue: the share each platform received was set by private agreements that are not in the data. The Womply row gives this archive's Womply loan count, built from court records for three lenders and the 2021 loans of four others (how it is counted). It carries no fee estimate. Womply's own funded-loan count is over 1.3 million, from the House Select Subcommittee's December 2022 staff report, held in this archive. Neither row is counted in the 25 rows or in the share they account for. The House report is a partisan staff document released by the Democratic majority's staff in the final weeks of the 117th Congress, with no public hearing and no sworn testimony; an arbitrator refused it as "rank hearsay" that relied on companies then in arbitration with Womply, and a federal judge declined to take judicial notice of its findings (about the report).
Sortable by loans, dollars approved, estimated fees, or fee per loan. Source for all 25 ranked rows: PPP lender fee model (19 September 2026).
| # | Originating lender | ||||
|---|---|---|---|---|---|
| 1 | JPMorgan Chase Bank, National Association | 452,892 | $44.11B | $1,790,545,416 | $3,954 |
| 2 | Bank of America, National Association | 491,034 | $34.41B | $1,491,130,978 | $3,037 |
| 3 | Prestamos CDFI, LLC | 444,780 | $6.85B | $1,055,074,366 | $2,372 |
| 4 | Cross River Bank | 478,866 | $12.89B | $1,034,617,269 | $2,161 |
| 5 | Harvest Small Business Finance, LLC | 408,173 | $8.19B | $1,002,631,927 | $2,456 |
| 6 | Capital Plus Financial, LLC | 395,359 | $6.21B | $937,325,954 | $2,371 |
| 7 | Benworth Capital | 311,022 | $4.22B | $697,409,428 | $2,242 |
| 8 | Wells Fargo Bank, National Association | 280,717 | $13.78B | $690,064,427 | $2,458 |
| 9 | Fountainhead SBF LLC | 272,227 | $4.13B | $640,621,923 | $2,353 |
| 10 | PNC Bank, National Association | 119,352 | $17.32B | $606,847,472 | $5,085 |
| 11 | Truist Bank | 117,956 | $16.21B | $588,456,509 | $4,989 |
| 12 | Customers Bank | 249,661 | $6.33B | $558,205,641 | $2,236 |
| 13 | BSD Capital, LLC dba Lendistry | 206,724 | $4.00B | $521,082,199 | $2,521 |
| 14 | U.S. Bank, National Association | 174,822 | $10.81B | $506,938,701 | $2,900 |
| 15 | TD Bank, National Association | 133,140 | $12.27B | $497,913,518 | $3,740 |
| 16 | Manufacturers and Traders Trust Company | 90,029 | $13.31B | $475,238,638 | $5,279 |
| 17 | Itria Ventures LLC | 172,831 | $4.87B | $473,404,806 | $2,739 |
| 18 | The Huntington National Bank | 83,184 | $11.10B | $400,968,338 | $4,820 |
| 19 | KeyBank National Association | 69,405 | $11.12B | $379,294,736 | $5,465 |
| 20 | Zions Bank, a division of Zions Bancorporation, National Association | 76,531 | $9.88B | $361,360,047 | $4,722 |
| 21 | BMO Bank National Association | 65,941 | $10.35B | $349,817,168 | $5,305 |
| 22 | Readycap Lending, LLC | 106,252 | $4.78B | $307,457,261 | $2,894 |
| — | Citizens Bank, National Association · 2 banks | 85,677 | $7.01B | $293,168,801 | $3,422 |
| 24 | Fifth Third Bank | 65,935 | $7.36B | $272,745,955 | $4,137 |
| 25 | Regions Bank | 78,547 | $6.42B | $268,451,148 | $3,418 |
| — | Womply (aggregator network) Platform network — not a lender | more than 1,293,4281 | more than $19.74B | — | — |
| 1 Womply loan count: court records for three lenders, 2021 loans for four; no fee estimate is made for it | |||||
| — | Blueacorn (aggregator network) Platform network — not a lender | 840,139 | $13.06B | $1,992,400,320 | $2,372 |
Four of the rows include PPP loans made by banks that later became part of the listed lender, because SBA's file shows those loans under the later name: JPMorgan Chase (14,327 loans, $2.56 billion, made by First Republic Bank, which failed and was acquired on May 1, 2023), Manufacturers and Traders Trust (30,935 loans, $3.68 billion, made by People's United Bank, merged April 2, 2022), Huntington (24,419 loans, $2.60 billion, made by TCF National Bank, merged June 9, 2021) and BMO (29,703 loans, $4.24 billion, made by Bank of the West, merged February 2, 2023). The table keeps SBA's lender field as published; each lender page has the detail (FDIC BankFind records).
How this list is built
Method & definitions
- Unit ranked
- the originating lender, which is an SBA field in the loan file.
- Metric
- modeled processing fee in dollars.
- Universe
- 4,688 originating lenders, $38.24B of estimated fees on 11,468,206 loans; the 25 below account for $16.20B, 42.4 percent. The release holds 11,468,210 loans: the four whose undisbursed amount equals or exceeds the approved amount are dropped, and nothing else is.
- Vintage
- SBA PPP FOIA release of 30 September 2024; fees recalculated from the loan file on 19 September 2026.
SBA paid a processing fee on every PPP loan, set by a published schedule: a percentage that varied with the size of the loan and changed between the 2020 and 2021 rules. SBA has not published the fees it paid each lender, so this list models them: for every loan in the SBA FOIA release, the fee schedule for that loan's vintage and size band is applied to the approved amount, and the results are summed by originating lender.
What this measures, and what it does not
These are estimates, not payments. Every figure is the published schedule applied to a published loan amount. SBA has not released per-lender fee payments, so nothing here can be reconciled against what was actually paid. The model prices every loan in the release; there is no cancellation filter. Fees clawed back after they were paid, and any netting or offset, are outside the model.
The fee schedule rewards volume at the small end: the percentage is highest on the smallest loans, so a lender that made hundreds of thousands of very small loans can out-earn a bank that lent far more money. The fee-per-loan column shows that difference directly.
The lender ranked is the originating lender named in SBA's file. Where a technology firm sourced and processed loans that a partner bank originated, the fee is modeled against the bank in whose name the loan was made, and the split between them is not in any public file. Lenders are ranked by modeled fee. The schedule is applied to the approved amount, not to what was disbursed or forgiven.
Sources
- Archive data page: PPP fee schedules by vintage
- Archive data page: PPP lender totals
- Archive data page: SBA PPP FOIA release, 30 September 2024
- Archive data page: PPP processing fees by originating lender, modeled loan by loan (sha256 7e4c668c7942ec6e…)