America's Banks and the Paycheck Protection Program

The essential role of America’s banks has never been more apparent than during the COVID-19 crisis. When small businesses across America were hit hard by the pandemic, banks of all sizes stepped up to provide them a financial lifeline through SBA’s Paycheck Protection Program. By working collaboratively with the government to supply unprecedented levels of assistance in record time, banks delivered on their longstanding mission to go above and beyond in serving their customers and communities.

Banks Key to PPP Success

PPP Round One Totals

• 5.2 million loans
• totaling $523 billion
• 50 million jobs supported

PPP Loans by Banks

• 89% of all loans in the first round of funding
95% of all PPP dollars
• 48 million jobs supported

Banks of All Sizes Critial to PPP Delivery

Banks across all asset sizes actively participated in the PPP.

Number PPP Loans

• 15.3% <$1B
• 23.3% $1B-$10B
• 27.4% $10B-$100B
• 34.0% >$100B

PPP Loan Volume ($)

• 12.8% <$1B
• 24.6% $1B-$10B
• 30.1% $10B-$100B
• 32.6% >$100B

PPP Applicants Most Successful Obtaining Loans Made By Banks

Banks were the most common source for PPP loans in 2020 and delivered the most loans with the full funding amount granted—meeting the needs of small businesses more than other lenders.

Share of PPP Applicants that Applied for PPP Funding at Source

• 48% Small bank
• 43% Large bank
• 9% Online lender
• 5% Credit union
• 3% Finance company
• 2% CDFI

Share of PPP Applicants that Received All the PPP Funding They Sought, By Source

• 78% Small bank
• 70% Large bank
• 47% Online lender
• 63% Credit union
• 41% Finance company
• 44% CDFI

PPP Supported Jobs Across a Range of Small Businesses

More than 87% of PPP loans were for amounts less than $150,000.

Number of Loans

• 68.2% <$50K
• 19.0% $50K-$150K
• 7.3% $150K-$350K
• 3.9% $350K-$1M
• 1.0% $1M-$2M
• 0.5% $2M-$5M
• 0.1% >$5M

Jobs Supported

• 18.9% <$50K
• 19.4% $50K-$150K
• 16.8% $150K-$350K
• 19.6% $350K-$1M
• 11.8% $1M-$2M
• 10.2% $2M-$5M
• 3.3% >$5M

Firms that Received All PPP Funds

• 54% of firms that received all requested PPP were able to retain staff and, of those who weren't,
• 77% attempted to rehire employees.

A Phone Call Away

“The first thing I did was call my banker,” said Washington, D.C., small business owner Angel Rivas. Like millionsof entrepreneurs across the country, in the wake of COVID-19 Rivas found herselfhaving to quickly reimagine how boutique media firm DC Media Connection did business. With M&T Bank by her side, she was able to build a plan and secure a financial lifeline through PPP.

Banks Continue to Drive the Success of PPP

In the Latest Round of PPP Relief (2021):

• More than 4 in 5 of all 2021 loans facilitated by banks
• Nearly 83% of loans going to firms with <10 employees
• $68,470 average loan size

For more on how banks are stepping up for their customers and communities,visit aba.com/AmericasBanks.