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 |
|---|---|
| First National Bank | $1-2 million |
| Lake City Bank | $1.15-2.35 million |
| 1st Source Bank | $1-2 million |
| Centier Bank | $1.35-3 million |
| Old National Bank | $500,000-1.35 million |
| German American Bank | $500,000-1.35 million |
| First Merchants Bank | $500,000-1.35 million |
| First Financial Bank | $350,000-1 million |
| The Bippus State Bank | $500,000-1.35 million |
| Home Bank, SB | $150,000-350,000 |
| Three Rivers FCU | $150,000-350,000 |
| STAR Financial Bank | $150,000-350,000 |
| Teachers CU | $150,000-350,000 |
| immito, LLC | $150,000-350,000 |
| Horizon Bank | $150,000-350,000 |
| Indiana Members CU | $150,000-350,000 |
| Jackson County Bank | $150,000-350,000 |
| Kentland Bank | $150,000-350,000 |
| Greenfield Banking Company | $150,000-350,000 |
| Centra CU | $150,000-350,000 |
| Tri-County Bank & Trust Company | $150,000-350,000 |
| First Robinson Savings Bank, National Association | $150,000-350,000 |