Community banks make more than half of PPP 2.0 loans: SBA
The SBA said lenders have made 2.2 million loans worth more than $175 billion during the second round of the Paycheck Protection Program, for an average loan size of roughly $79,000. Loans of $50,000 and under made up nearly 71 percent of all second-round loans.
According to the April 27-May 1 data, lenders with less than $10 billion in assets made nearly 39 percent of the loans, which are worth more than $55 billion, or nearly 32 percent of the total dollar value. Lenders with between $10 billion and $50 billion in assets made nearly 15 percent of the loans, worth nearly $28 billion, or some 16 percent of approved dollars.
ICBA, affiliated state associations, and community bankers worked to ensure at least $60 billion of the PPP funds were aside for community financial institutions, including at least $30 billion for institutions under $10 billion in assets and another $30 billion for those with between $10 billion and $50 billion in assets.
Community banks may continue to submit loans to be funded by the remainder of the $250 billion in general funds authorized for the second phase of the PPP.
In a joint statement, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said the agency has processed more than 3.8 million loans for more than half a trillion dollars of economic support since the April 3 launch of the PPP.