Executive Summary

The coronavirus pandemic has initiated 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) new Paycheck Protection Program (PPP).

Three Key Questions This Report Will Answer:

• How effective has the PPP been so far at getting stimulus funding to areas that need it?
• Which banks have been the most active PPP lenders so far?
• How effective has the PPP been so far at getting stimulus funding to industries that need it?

WHAT'S IN THIS REPORT? In this report, Business 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 fared at implementing the PPP during its first round. 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 too late into the first round of PPP might fare considerably better in round two and any subsequent PPP installments. Further, an update will add insight into the second PPP round launched on April 27.