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Providence-based Citizens Bank processed the most Paycheck Protection Program loans in Massachusetts, according to data released by the U.S. Small Business Administration.
The SBA on Monday released information on businesses that received PPP loans through June 30. The SBA and Treasury Department had not initially planned to provide loan details, citing proprietary payroll information as one reason to withhold the data. An agreement was then reached with Congress to release some information about the loans.
For companies that received more than $150,000, the list did not provide the precise loan amount, instead using a loan amount range. The list of loans for less than $150,000 provides the location but not the name of the business.
Lender information was listed for all loans.
Source: U.S. Small Business Administration
Citizens Bank through June 30 processed 12,847 loans in Massachusetts, according to the SBA, followed by Bank of America with 12,592. Boston-based Eastern Bank was next with 7,682.
About 650 institutions were listed as disbursing Paycheck Protection Program loans to Massachusetts businesses, though some companies did not appear to operate in the state. For example, the Bank of Hawaii processed a loan for Puu O Hoku Ranch Limited, a company listed in the SBA’s data with a Danvers address. According to its website, Puu O Hoku is located in Hawaii. The Bank of Hawaii processed no other Massachusetts loans.
Massachusetts had 113,000 loans for $14.329 billion through June 30. According to the SBA, the PPP supported 1.1 million Massachusetts jobs. The SBA estimated that 73 percent of the state’s small business payroll was covered by PPP loans. Nationwide, almost 4.9 loans were disbursed for $521.48 billion.
The program, which ended as scheduled on June 30, reopened this week and will remain open until Aug. 8.
