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July 20, 2020

Here are CT’s top PPP lenders

Photo | Mike Mozart/Flickr One of People's United Bank's Stop & Shop branch locations.
By Joe Cooper

Bridgeport-based People’s United Bank and Waterbury's Webster Bank approved the largest number of Small Business Administration Paycheck Protection Program loans in Connecticut, providing a financial lifeline to thousands of small companies negatively impacted by the coronavirus pandemic, a Hartford Business Journal analysis shows.

A review of federal data shows People's United Bank and Webster Bank issued about 8,510 and 7,887 PPP loans, respectively. 

Statewide, a total of 59,876 loans worth more than $6.66 billion were dispensed to Connecticut companies, SBA data shows. 

The low-interest loans -- part of Congress’ $2-trillion economic stimulus package -- were attractive to many small firms because they could be forgiven if employers spend the majority of money on payroll.

Other lenders that processed the most PPP loans in Connecticut included: Bank of America (6,292), TD Bank (3,593), Liberty Bank (3,291), JPMorgan Chase (2,251), Citizens Bank (2,032), KeyBank (1,824), Ion Bank (1,571), and Wells Fargo (1,480).

The SBA information is important because some of America's largest banks are set to earn hundreds of millions of dollars in fees paid by the federal government under the PPP.

JPMorgan Chase, America's biggest bank, issued the most PPP loans out of any bank, processing $28.8 billion of loans as of June 20, according to S&P Global. That could yield the bank more than $800 million in fees. 

Smaller banks — those with assets under $250 million — also stand to get a significant windfall.

Meantime, the program has come under scrutiny in recent weeks after the SBA disclosed that the loans have been awarded to not only to mom-and-pop businesses but also to billionaires like Kanye West, large chain restaurants and Washington lawmakers.

In Hartford, more than 320 Hartford-based companies, including restaurants, law firms, nonprofit and religious organizations, were approved for PPP loans ranging between $150,000 and $10 million.

Some companies in-state, including law firms Shipman and Goodwin and Robinson & Cole, borrowed between $5 million to $10 million in loans.

A CNN report contributed to this story

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