Rankings & leaderboards
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.
How this list is built
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.
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.
The 25 largest by modeled fee
The two rows without a rank are platform networks, not lenders. Womply and Blueacorn originated no PPP loan and are not in SBA's originating-lender field. Its loans were made by the partner lenders listed in this table and are already counted in those lenders' rows. 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); Fountainhead's dollar figure is its 2021 SBA approvals, since its petition states only a loan count. 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.
| # | Originating lender | Loans | Dollars approved | Estimated fees | Fee per loan |
|---|---|---|---|---|---|
| — | 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 |
| 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 |
| 23 | Citizens Bank, National Association | 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 |
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).
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, including the 643,039 that SBA records as charged off; 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
- Build as held: the archive's per-lender fee model (sha256 73564829e64bb322…)