Paycheck Protection Program: ‘Who Got What and How Well Did the Loans Perform?’

Paycheck Protection Program

Paycheck Protection Program (PPP) loans facilitated by U.S. credit unions helped retain 85 jobs per $1 million in loans and required only $11,792 to retain one job, according to a recent comparison of lenders by Forbes (see “PPP Loans: Who Got What And How Well Did The Loans Perform?”).

The article also states that U.S. credit unions have facilitated $5.1 billion of the federal government’s PPP funds, while non-bank lenders ($6.3 billion), community banks ($250 billion), and the 33 largest banks ($167.3 billion) provided the rest. This $429 billion grand total consists of individual loans above $150,000 (about 660,000 loans), which is 84 percent of the entire $510 billion in PPP funds issued so far. About 6 percent of credit union PPP loans were above $1 million.

There are several inaccuracies in this story regarding credit union participation. It is recommended this information be used as a high-level overview as opposed to a factual, granular analysis. You can read more about the PPP lending demographics by industry, business type, ethnicity/gender; financial institution and lender breakdown; and loan performance by industry, business type, and financial institution at your convenience.

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