There are approximately five million approved PPP loans with a total of $517,451,965,102 set aside for funding, according to the Small Business Administration. The average loan size was around $105,000 with over 5,000 lenders currently participating in the program.
The program was slow to get off the ground when it was crushed by an onslaught of would-be applicants. Another major criticism of the program pertained to who was receiving the loans. A program that was meant for small businesses witnessed the Los Angeles Lakers receive $4.6 million from the program. The Lakers qualified for the program under the rules as written but returned the funds according to a Laker’s statement provided to news outlets.
Data used for analysis only included loans over $150,000.
Lenders | Total dollars loaned |
---|---|
Centier Bank | 350,000 - $1M |
Old National Bank | 350,000 - $1M |
Home Bank, SB | 150,000 - 350,000 |
Crossroads Bank | 150,000 - 350,000 |
immito, LLC | 150,000 - 350,000 |
German American Bank | 150,000 - 350,000 |
The Bippus State Bank | 150,000 - 350,000 |
Lake City Bank | 150,000 - 350,000 |