Paycheck Protection Program (PPP) Report: Approvals through 06/30/2020
Summary
A Paycheck Protection Program (PPP) report on approvals through 06/30/2020: 4,885,388 loans worth $521,483,817,756 from 5,461 lenders, covering both rounds of funding net of cancellations. Lenders with under $10 B in assets made 44% of the loan amount, the overall average loan was approximately $107,000 and 86.5% of loans were for less than $150,000. Borrowers reported 51,125,937 jobs, as much as 84% of small business employees, and in every state 72 percent to 96 percent of estimated small business payroll was covered. Low and moderate income areas received 27% of funds against 28% of the population, and the report adds HUBZone, rural, state and industry breakdowns.
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Paycheck Protection Program
(PPP) Report
Approvals through 06/30/2020
Summary of PPP Approved Lending
Loan Count Net Dollars Lender Count
4,885,388 $521,483,817,756 5,461
Lender Loan % of
Lender Size Net Dollars
Count Count Amount
>$50 B in Assets 34 1,639,892 $189,773,791,634 36%
$10 B to $50 B in Assets 89 739,912 $100,724,547,553 19%
<$10 B in Assets 5,338 2,505,584 $230,985,478,569 44%
Totals reflect both rounds of PPP funding and cancellations through the report date. Cancellations
include duplicative loans, loans not closed for any reason, and loans that have been paid off.
Approvals through 06/30/2020 2
Loan Size Distribution
% of % of
Loan Size Loan Count Net Dollars
Count Amount
$50K and Under 3,262,529 $58,652,110,621 66.8% 11.2%
>$50K - $100K 673,563 $47,963,195,310 13.8% 9.2%
>$100K - $150K 291,019 $35,626,300,937 6.0% 6.8%
>$150K - $350K 376,113 $84,452,629,388 7.7% 16.2%
>$350K - $1M 199,456 $113,442,814,223 4.1% 21.8%
>$1M - $2M 53,030 $73,522,278,271 1.1% 14.1%
>$2M - $5M 24,838 $73,841,502,099 0.5% 14.2%
>$5M 4,840 $33,982,986,907 0.1% 6.5%
Overall average loan size is approximately $107,000.
86.5% of all loans were for less than $150,000.
Approvals through 06/30/2020 3
Summary of Reported Jobs
Loan Count Net Dollars Jobs Reported Lender Count
4,885,388 $521,483,817,756 51,125,937 5,461
• Small businesses, as defined by the US Census, employ 59.9 million
people across the country.
• The PPP supports 51.1 million jobs, as much as 84% of all small business
employees. One quarter of all jobs supported (13 million jobs) were in
Historically Underutilized Business Zones (HUB Zones).
Small business employees nationwide is based on U.S. Census data. PPP Jobs numbers are based on borrower
reported numbers on their PPP applications.
4
Jobs Reported by State
States Not Jobs
Shown Reported
CT 0.6M
DC 0.2M
DE 0.1M
HI 0.2M
MA 1.1M
MD 0.9M
NH 0.2M
NJ 1.5M
RI 0.2M
VT 0.1M
5
PPP Approval by State as a Percentage of Small Business Payroll
Across all 50 states, 72 percent to 96 percent of estimated small business payroll was covered by PPP loans.
6
PPP Statistics Across Census Tracts
Income Group Share of PPP Funds (%) Share of Population (%)
Low and Moderate Income 27% 28%
Not Low or Moderate Income 72% 71%
PPP loans were made across economically diverse areas of the economy. Low and
moderate income areas received PPP loans approximately proportionate to their
percentage of the population.
Note: Income bins are defined using Community Reinvestment Act definitions, which defines these groups using the ratio of median
family income within a tract compared to median family income in the Metropolitan Statistical Area (MSA) that the tract is located in. 7
Rural and HUBZone PPP Statistics
% of all % of all
Loan Net Jobs
Category PPP PPP $
Count Dollars Supported
loans volume
HUBZone 858,224 $117.3B 13 Million 17.6% 22.5%
Rural 979,842 $79.8B 12 Million 20.1% 15.3%
HUBZone refers to an area designated by the SBA as a Historically Underutilized
Business Zone. The designation is designed to identify and help small businesses located
in economically distressed areas. HUBZones are in urban or rural areas. (Map)
Rural refers to PPP loans made in a county where 30% or more the county is defined as
rural by the U.S. Census Bureau.
8
HUBZone PPP Dollars by State
States
Not Net
Shown Dollars
CT $1.2B
DC $0.5B
DE $0.3B
HI $0.9B
MA $2.6B
MD $1.8B
NH $0.5B
NJ $2.1B
PR $0.2B
RI $0.4B
VT $0.5B
9
Industry by NAICS Sector
Loan % of
NAICS Sector Description Net Dollars Amount
Count
Health Care and Social Assistance 506,263 $67,356,500,071 12.92%
Professional, Scientific, and Technical Services 638,221 $66,430,801,754 12.74%
Construction 466,221 $64,568,137,994 12.38%
Manufacturing 229,591 $54,002,922,769 10.36%
Accommodation and Food Services 367,502 $42,099,336,178 8.07%
Retail Trade 450,181 $40,355,657,949 7.74%
Other Services (except Public Administration) 531,572 $31,145,678,051 5.97%
Wholesale Trade 167,237 $27,726,783,463 5.32%
Administrative and Support and Waste Management and Remediation Services 240,947 $26,482,972,198 5.08%
Transportation and Warehousing 191,609 $17,088,399,318 3.28%
Real Estate and Rental and Leasing 245,697 $15,631,026,225 3.00%
Finance and Insurance 168,462 $12,205,158,596 2.34%
Educational Services 81,387 $11,998,270,955 2.30%
Unclassified Establishments 222,096 $9,901,564,953 1.90%
Information 69,106 $9,264,147,642 1.78%
Arts, Entertainment, and Recreation 118,332 $7,996,562,961 1.53%
Agriculture, Forestry, Fishing and Hunting 139,150 $7,908,693,255 1.52%
Mining 21,570 $4,510,946,138 0.87%
Public Administration 13,423 $1,733,982,305 0.33%
Management of Companies and Enterprises 8,893 $1,581,110,997 0.30%
Utilities 7,928 $1,495,163,987 0.29%
PPP supports a diverse range of industries, indicating the breadth of its impact.
Approvals through 06/30/2020 10
PPP Loans for Religious, Grantmaking, Civic, Professional, and Similar Organizations
Loan
Industry Description Net Dollars Jobs Count
Count
Religious Organizations 88,411 $7.3 B 1,051,114
Civic and Social Organizations 11,275 $1.6 B 193,319
Other Non-Profits 34,000 $4.6 B 433,137
Total 133,686 $13.5 1,677,570
Note: Industry description is based on NAICS Code
Traditionally, non-profits are not eligible to receive SBA-guaranteed small business loans.
PPP enabled many non-profit organizations to access loans to support their employees.
11
Lender Type Diversity
Lender Type Loan Count Net Dollars Jobs Count Lender Count
Banks 4,409,646 $496.7 B 48,318,437 4,273
Credit Unions 196,010 $9.7 B 1,183,012 934
Small Business Lending Companies 59,275 $6.6 B 705,642 14
Fintechs (and other State Regulated
166,494 $4.7 B 504,324 21
Lenders)
Savings & Loans 15,021 $1.4 B 156,905 84
Farm Credit Lenders 15,148 $1.3 B 121,755 54
Certified Development Companies 7,550 $382.9 M 44,178 19
Non-Bank CDFI Funds 8,154 $360.9 M 48,257 8
Microlenders 7,098 $209.4 M 30,296 32
Other Non-Banks 347 $102.4 M 9,913 2
BIDCOs 24 $.8 M 190 1
Of the 5,461 PPP lenders, only 850 were SBA 7(a) lenders in the previous year.
12
Lender Size Diversity
Lender Asset Size Loan Count Net Dollars Jobs Count Lender Count
$100M and Under 148,167 $11.5 B 1,253,003 1,117
$>100M - $500M 522,037 $43.8 B 5,102,159 2,623
>$500M - $1B 685,532 $45.4 B 4,944,364 761
>$1B - $5B 890,007 $95.2 B 9,698,005 733
>$5B - $10B 259,841 $35.2 B 3,297,529 104
>$10B - $50B 739,912 $100.7 B 9,595,633 89
>$50B 1,639,892 $189.8 B 17,235,244 34
Among the lenders participating in PPP, 82.4% have less than $1 billion in assets.
13
Lender Segments
CDFI’s and MDI’s
Lender Type Lender Count Loan Count Net Dollars
CDFIs 303 106,113 $7,412,641,880
MDIs 171 119,131 $10,406,956,857
- minus CDFI/MDIs identified in
both groups 50 15,600 $1,503,802,219
Total 424 209,644 $16,315,796,518
Lenders with <$1b Assets and Non-Banks
Lender Type Lender Count Loan Count Net Dollars
Banks (less than $1b) 3,564 1,060,587 $85,118,882,826
Small Business Lending Companies 14 59,275 $6,589,391,425
Fintechs (and other State Regulated) 19 155,006 $4,359,001,508
Credit Unions (less than $1b) 722 62,868 $3,023,116,108
Farm Credit Lenders 54 15,148 $1,331,464,270
Savings & Loans (less than $1b) 77 11,418 $1,031,754,405
Certified Development Companies 19 7,550 $382,858,322
Non Bank CDFI Funds 8 8,154 $360,867,714
Microlenders 32 7,098 $209,402,173
BIDCOs 1 24 $791,088
Total 4,510 1,387,128 $102,407,529,840
Loans from CDFI/MDI banks with Assets less than $1B and non-bank CDFIs are captured in both tables.
Approvals through 06/30/2020 14
Top PPP Lenders
Average Loan % of Total
Rank Lender Name Loan Count Net Dollars
Size Authority
1 JPMorgan Chase Bank 269,424 $29,066,127,405 $107,882 4.4%
2 Bank of America 334,761 $25,203,076,316 $75,287 3.8%
3 Truist Bank 78,669 $13,075,965,877 $166,215 2.0%
4 PNC Bank 72,908 $13,038,347,212 $178,833 2.0%
5 Wells Fargo Bank 185,598 $10,470,396,296 $56,414 1.6%
6 TD Bank 82,773 $8,468,624,019 $102,311 1.3%
7 KeyBank 41,487 $8,138,794,697 $196,177 1.2%
8 U.S. Bank 101,377 $7,444,906,047 $73,438 1.1%
9 Zions Bank 46,707 $6,941,735,934 $148,623 1.1%
10 M&T Bank 34,680 $6,791,223,167 $195,825 1.0%
11 Huntington Bank 37,122 $6,528,043,675 $175,854 1.0%
12 Fifth Third Bank 38,197 $5,434,319,532 $142,271 0.8%
13 Cross River Bank 134,472 $5,361,597,126 $39,871 0.8%
14 Citizens Bank 49,670 $5,007,022,864 $100,806 0.8%
15 BMO Harris Bank 21,362 $4,815,533,089 $225,425 0.7%
The top five banks originated 17 percent of total loan dollars.
Approvals through 06/30/2020 15
States and Territories
Loan Loan
State Loan Count Net Dollars State Count Net Dollars State Count Net Dollars
AK 11,169 $1,247,632,643 LA 73,825 $7,339,607,519 OR 62,769 $6,978,512,390
AL 65,806 $6,191,565,635 MA 113,000 $14,329,027,191 PA 165,918 $20,711,084,796
PR 37,837 $1,800,809,289
AR 42,427 $3,319,742,303 MD 81,315 $10,054,533,726
RI 17,163 $1,879,909,109
AS 223 $10,506,811 ME 27,200 $2,242,074,846
SC 63,178 $5,740,234,166
AZ 81,015 $8,624,142,070 MI 121,135 $15,959,809,357
SD 22,508 $1,664,208,859
CA 581,140 $68,225,253,665 MN 98,138 $11,208,272,990
TN 93,292 $8,916,915,556
CO 104,402 $10,369,964,852 MO 91,498 $9,143,522,129 TX 389,396 $41,051,828,678
CT 60,951 $6,690,573,886 MP 473 $39,333,708 UT 50,691 $5,247,494,314
DC 12,483 $2,137,811,705 MS 45,817 $3,165,442,525 VA 109,225 $12,611,135,107
DE 12,502 $1,489,717,332 MT 23,104 $1,762,484,534 VI 1,896 $124,453,844
FL 393,028 $32,045,720,362 NC 121,917 $12,405,099,857 VT 11,929 $1,187,439,086
GA 156,814 $14,502,923,640 ND 19,724 $1,765,068,431 WA 101,049 $12,302,067,753
GU 2,164 $197,016,238 NE 42,499 $3,421,713,932 WI 85,461 $9,879,400,471
HI 24,534 $2,497,717,752 NH 23,829 $2,550,585,128 WV 17,322 $1,800,837,214
IA 58,466 $5,087,064,565 NJ 147,550 $17,204,788,723 WY 13,231 $1,041,442,563
ID 30,167 $2,571,003,631 NM 21,924 $2,240,751,741 To be confirmed 167 $6,057,463
IL 202,143 $22,486,267,789 NV 42,147 $4,125,976,098
IN 79,151 $9,485,147,788 NY 323,903 $38,349,280,077
KS 51,872 $4,996,112,228 OH 140,270 $18,370,838,345
KY 48,354 $5,239,687,995 OK 64,277 $5,446,203,356
Approvals through 06/30/2020 16
PPP Approval Amount by State
States
Not Net Dollars
Shown
CT $6.7B
DC $2.1B
DE $1.5B
HI $2.5B
MA $14.3B
MD $10.1B
NH $2.6B
NJ $17.2B
RI $1.9B
VT $1.2B
AS $0.0B
GU $0.2B
MP $0.0B
PR $1.8B
VI $0.1B
17
Amount of Funding Remaining
$ 131,914,229,876
Available funds represents approvals net of cancellations as well as loan amount
increases, decreases, and reinstatements. This remaining funding amount accounts
for statutory program costs. This amount also includes the $10 billion PPP CDFI set
aside.
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