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The PPP Small Business Loan Report from Insider Intelligence - Business Insider

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[NEW REPORT] PPP Small Business Loans: insider_intel examines how the first round of PPP funding was spread across lenders, geographies, and industries

An update to this report will add insight into the second PPP round launched on April 27, and will be available for free to those who have purchased the initial version of this report.In April, the US government launched the historic Paycheck Protection Program to provide financial assistance to small businesses struggling amid the pandemic.This program has so far totaled a staggering $659 billion across two separate installments.

And while regulators, lawyers, and the media alike have charged banks with being too slow to accept applications, prioritizing existing clients, and favoring larger loan amounts, banks are concerned that rapidly approving a large number of loans to unfamiliar businesses could allow fraud to proliferate in PPP loans, creating more backlash down the line.

Chase, Bank of America, and BMO Harris had a relatively low share of PPP loan volume, given their share of the SMB lending market. On the other hand, banks like PNC Bank and KeyBank punched outside their weight and could stand to gain a larger market share of SMB lending going forward.

 

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