These Banks Ranked Highest With Small Businesses for Managing the Paycheck Protection Program (PPP)

Chase Bank, Bank of America
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Thanks to the U.S. Small Business Association’s Paycheck Protection Program (PPP), banks were able to administer more than $669 billion in relief loans to small businesses and managed the forgiveness of more than 1.1 million of those loans. PPP loans were able to help small businesses stay afloat during the pandemic, and according to a new J.D. Power study, boosted customer satisfaction — as concerned clients’ banking experience — to a record high this year.

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“Small business owners are feeling good about their banks and more confident about the economy, but just more than half of small businesses are financially healthy,” said Paul McAdam, senior director of banking and payments intelligence at J.D. Power, via press release.  “Banks can build upon the customer goodwill generated through PPP by providing solutions and information to address the range of financial challenges facing small businesses, including access to timely credit, improving business creditworthiness, building savings to cover a cash shortfall and having adequate insurance coverage.”

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Using a 1,000-point scale to measure customer satisfaction, the J.D. Power study found that the overall customer satisfaction scores for small businesses that applied for PPP loans with their primary bank came out at 853. This score was 32 points higher than the score connected to customers that did not apply for a PPP loan. For businesses that completed the PPP loan forgiveness process, overall customer satisfaction was rated highest, at a score of 869. 

National banks also outperformed regional banks. Overall small business customer satisfaction with national banks saw a posted score of 829, 13 points higher than regional banks. J.D. Power also noted that national bank customers were also more likely to say that their PPP loan forgiveness process was easier. 

The national score rankings, by region, follow.

Midwest 

Bank of America – 859

PNC Bank – 839

Huntington – 835

Chase – 833

Wells Fargo – 825

U.S. Bank – 814

Fifth Third Bank – 813

BMO Harris Bank – 811

Region average – 828

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Northeast

Chase – 839

Bank of America – 830

TD Bank – 830

Capital One – 827

Citizens Bank – 821

PNC Bank – 821

Citibank – 808

Santander Bank – 808

Wells Fargo – 806

Regional average – 822

South

TD Bank – 865

Chase – 861

Wells Fargo – 843

Citibank – 842

Bank of America – 841

Capital One – 840

Regions Bank – 831

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PNC Bank – 820

Truist (formerly BB&T and SunTrust) – 808

Regional average – 838

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West

Bank of the West – 829

Chase – 829

U.S. Bank – 825

Citibank – 822

Wells Fargo – 822

Bank of America – 804

Union Bank – 799

Regional average – 817

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About the Author

Josephine Nesbit is a freelance writer specializing in real estate and personal finance. She grew up in New England but is now based out of Ohio where she attended The Ohio State University and lives with her two toddlers and fiancé. Her work has appeared in print and online publications such as Fox Business and Scotsman Guide.

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