BANK OF AMERICA
PPP Lender · 491,034 loans · $34.41B total · 54 states served
BANK OF AMERICA was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 491,034 PPP loans totaling $34.41B, representing approximately 4.28% of all loans nationwide.
BANK OF AMERICA served borrowers across 54 states. The largest concentration of activity was in California, where the lender originated 133,823 loans totaling $9.52B. Other states with significant activity included Florida, Texas, New York.
The average loan size for this lender was $70,081. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.
Among the largest named borrowers that received loans through BANK OF AMERICA were: CALIFORNIA PIZZA KITCHEN INC. (CA) — $10,000,000; LOS ANGELES TIMES COMMUNICATIONS LLC (CA) — $10,000,000; GRILL CONCEPTS INC (CA) — $10,000,000; and SHOE PALACE CORPORATION (CA) — $10,000,000.
PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.
Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.
Activity by State
| State | Loans | Total Approved | Forgiveness Rate |
|---|---|---|---|
| California | 133,823 | $9.52B | 95.6% |
| Florida | 76,400 | $3.94B | 93.3% |
| Texas | 37,854 | $2.23B | 94.2% |
| New York | 30,685 | $2.73B | 95.4% |
| New Jersey | 22,777 | $1.81B | 96.2% |
| Georgia | 19,751 | $1.07B | 93.4% |
| Massachusetts | 18,623 | $1.72B | 96.0% |
| Washington | 16,158 | $1.38B | 97.0% |
| Maryland | 16,039 | $1.02B | 94.9% |
| North Carolina | 12,848 | $763.4M | 94.1% |
| Virginia | 12,641 | $919.4M | 94.9% |
| Arizona | 11,702 | $674.5M | 95.1% |
| Illinois | 11,664 | $952.2M | 94.1% |
| Connecticut | 9,498 | $832.8M | 96.5% |
| Nevada | 8,239 | $550.4M | 93.7% |
| Michigan | 7,943 | $706.3M | 94.6% |
| South Carolina | 6,387 | $384.5M | 94.2% |
| Missouri | 5,171 | $291.9M | 95.5% |
| Oregon | 4,881 | $380.6M | 96.5% |
| Pennsylvania | 4,698 | $418.6M | 94.4% |
| Tennessee | 4,327 | $247.8M | 93.4% |
| District of Columbia | 2,478 | $301.5M | 95.2% |
| Rhode Island | 2,430 | $234.2M | 96.1% |
| Kansas | 1,886 | $83.4M | 95.4% |
| New Mexico | 1,586 | $104.1M | 95.5% |
| New Hampshire | 1,582 | $139.9M | 96.5% |
| Oklahoma | 1,471 | $77.6M | 93.3% |
| Colorado | 1,219 | $124.9M | 92.9% |
| Arkansas | 886 | $56.9M | 94.2% |
| Maine | 745 | $53.0M | 96.6% |
| Ohio | 652 | $154.4M | 93.1% |
| Delaware | 597 | $59.2M | 90.5% |
| Minnesota | 557 | $61.5M | 91.2% |
| Indiana | 415 | $94.4M | 94.2% |
| Iowa | 291 | $18.6M | 92.8% |
| Idaho | 231 | $26.1M | 97.4% |
| Utah | 213 | $68.3M | 92.0% |
| Alabama | 204 | $24.6M | 91.7% |
| Wyoming | 196 | $6.0M | 85.2% |
| Wisconsin | 188 | $27.8M | 93.6% |
| Louisiana | 187 | $34.5M | 89.8% |
| Hawaii | 167 | $8.5M | 89.2% |
| Mississippi | 148 | $13.2M | 88.5% |
| Kentucky | 148 | $14.5M | 90.5% |
| Alaska | 94 | $31.0M | 92.6% |
| Vermont | 88 | $13.9M | 94.3% |
| Montana | 52 | $4.6M | 96.2% |
| West Virginia | 46 | $2.9M | 93.5% |
| Nebraska | 41 | $1.2M | 92.7% |
| Puerto Rico | 34 | $7.4M | 91.2% |
| U.S. Virgin Islands | 25 | $2.4M | 92.0% |
| South Dakota | 24 | $10.7M | 75.0% |
| North Dakota | 24 | $1.3M | 95.8% |
| American Samoa | 1 | $725,055 | 0.0% |