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SBA releases names of the biggest PPP loan recipients

  • The U.S. Small Business Administration releases limited data on the Paycheck Protection Program loans distributed as part of the CARES Act.
  • The data was made available after some members of Congress pressed for greater transparency surrounding the PPP loans.
  • Some high-profile names receiving the PPP loans are Newsmax Media, a company run by Trump donor Christopher Ruddy; restaurant chain P.F. Chang's China Bistro; and Boies Schiller Flexner LLP, a law firm run by antitrust litigator David Boeis.
  • Out of the $660B program, 4.89M loans for a total of $521.5B have have been approved as of June 30, 2020, with the average loan size at $106,744.
  • Some 5,461 lenders participated in the program.
  • The SBA is only providing names of organizations that receive loans of more than $150K; loan amounts are being disclosed in range, such as $150K-$300K or $2M-$5M.
  • The data includes only active loans; loans that were canceled aren't included in the data.
  • Last week, President Trump signed a bill that extends the PPP to Aug. 8 from its original deadline of June 30.
  • The top PPP lenders are JPMorgan Chase (JPM +1.7%), which processed $29.07B of loans, Bank of America (BAC +1.6%), with $25.20B of loans, Truist Bank (TFC +1.1%), with $13.08B, and PNC Bank (PNC +1.4%) with $13.04B.
  • About $131.9B of funding remains in the program.
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