Activities Related to Credit Intermediation

Businesses and organizations in the Activities Related to Credit Intermediation industry (NAICS code 5223, part of the Finance and Insurance sector) received 13,783 PPP loans totaling $1.22B during the COVID-19 pandemic.

The average loan for this industry was $88,221 — above the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

91.4% of loans in this industry were forgiven — totaling $1.10B. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include FAY SERVICING, LLC of CHICAGO, IL ($10,000,000); PLS GROUP, INC. of CHICAGO, IL ($10,000,000); and ON Q FINANCIAL, INC. of TEMPE, AZ ($10,000,000).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Finance and Insurance sector — banking, credit, securities, insurance, and related financial activities. — businesses in NAICS 5223 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.