The coronavirus pandemic sparked the need for two historically massive rounds of emergency funding to support Main Street businesses across the US. The support totals $659 billion — spread across two separate installments — and falls under the umbrella of the Small Business Administration's (SBA's) Paycheck Protection Program (PPP). This report looks at the progress of the PPP up to June 30.
Three Key Questions This Report Will Answer:
WHAT'S IN THIS REPORT? In this report, Insider Intelligence combines official SBA data with additional sources, such as company filings and earnings calls, an academic paper, and analyst research, to generate insights into how different lenders fare at implementing the PPP. We will look into PPP loan sizes and total fees gained by lenders, total funded loans, and average loan amounts for top PPP lenders, as well as provide key takeaways from the analysis of approved loan figures by industry and geography. The report will focus on the top 15 lenders of PPP loans in terms of approved amounts, but it will also look into how fintech lenders — such as PayPal and Square — that were approved late into the first round of PPP fared in round two of the PPP, up to June 30. Further, an update will provide final numbers after the expiry of the PPP's second tranche, which is currently slated for August 8.
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