PPP Small Business Loans [Second Round Update]: How $525 billion in coronavirus-linked loans were spread across lenders, states, and industries

Executive Summary

The coronavirus pandemic sparked the need for two historically massive rounds of emergency funding to support Main Street businesses across the US. On the whole, despite early missteps, the Paycheck Protection Program (PPP) achieved much of what it set out to do, getting $525.01 billion of much-needed aid to small businesses across the US.

Three Key Questions This Report Will Answer:

  • How effective was the PPP at getting stimulus funding to areas that needed it?
  • Which banks were the most active PPP lenders?
  • Did PPP funding get targeted effectively at industries that needed it?

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 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 focuses on the top 15 lenders of PPP loans in terms of approved amounts, but it also looks at how fintech lenders—such as PayPal and Square—that were approved late into the first round of PPP fared in round two.

Here’s what’s in the full report


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Eleni Digalaki and Gregory Magana