Paycheck Protection Program is Supporting our Nation’s Economic Recovery
Washington,
June 10, 2020 -
WASHINGTON – Over the past few months, American families and businesses have stood strong through an unprecedented economic dislocation as a result of the coronavirus pandemic. The Trump Administration and Congress have worked at a breakneck pace to stand up programs to support hardworking Americans across our nation. Specifically, the Paycheck Protection Program (PPP), which has rushed billions of dollars out the door through financial institutions of all sizes to our small businesses.
As we work to reopen our economy, it’s clear: PPP loans are playing a critical role in our nation’s economic recovery.
PPP success by the numbers:
- 5,458 lenders have approved 4,531,883 PPP loans totaling $511,382,171,979.
- 44% of all PPP loans approved were made by lenders with less than $10 billion in assets.
- A total of 424 Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) have approved 190,178 PPP loans totaling $15,886,663,496.
- 3,570 banks with less than $1 billion in assets have approved 982,363 PPP loans totaling $82,959,927,625.
- The average PPP loan size is less than $115,000.
The Paycheck Protection Program was created to rush emergency relief to small businesses most in need through our financial institutions. The top fifteen PPP lenders nationwide include:
- JPMorgan Chase Bank
- Bank of America
- PNC Bank
- Truist Bank
- Wells Fargo Bank
- TD Bank
- KeyBank
- U.S. Bank
- Zions Bank
- M&T Bank
- Huntington Bank
- Fifth Third Bank
- Citizens Bank
- BMO Harris Bank
- Cross River Bank
These institutions—along with thousands of others—have made loans across the country, supporting jobs in all 50 states. While PPP loans continue to support businesses and their workers in a wide range of industries, the top five receiving PPP funding include:
- Health Care and Social Assistance (475,706 loans totaling $66,116,892,187)
- Professional, Scientific, and Technical Services (589,542 loans totaling $65,242,167,416)
- Construction (434,720 loans totaling $63,578,254,948)
- Manufacturing (219,814 loans totaling $53,505,238,934)
- Accommodation and Food Services (344,104 loans totaling $41,066,112,230)
Learn more about the PPP loans helping to keep American workers employed in this report from the Small Business Administration.
Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.
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