JPMorgan Chase – U.S. PPP loans reach $72.7 billion in new round with big lenders
After the first week was dedicated exclusively to community financial institutions and small lenders, there’s sign of pent-up demand at large banks waiting for their applications to be processed.
Wells Fargo has received about 77,000 applications for more than $4 billion, spokesman Manuel Venegas said by email. As of Jan. 31, the San Francisco-based bank had received approval for 18,272 loans, S(BA) data show.
Overall, about three-quarters of the loans approved by the S(BA) are for borrowers who already received one last year. Under a law passed by Congress in December, companies can apply for a second loan if they can show revenue loss.
The average loan size was $81,635, with first-draw loans being much smaller on average. First time business applicants received an average loan of $21,157, whereas second time recipients got $102,228.