SOUTHSTATE BANK
PPP Lender · 29,097 loans · $3.53B total · 45 states served
SOUTHSTATE BANK 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 29,097 PPP loans totaling $3.53B, representing approximately 0.25% of all loans nationwide.
SOUTHSTATE BANK served borrowers across 45 states. The largest concentration of activity was in Florida, where the lender originated 11,304 loans totaling $1.39B. Other states with significant activity included South Carolina, Georgia, North Carolina.
The average loan size for this lender was $121,421. 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 SOUTHSTATE BANK were: ROBERT W. WOODRUFF ARTS CENTER INC. (GA) — $8,495,482; INVESTSOUTH IHC, LLC (SC) — $6,941,124; BGI, LLC (SC) — $6,324,228; and APG ELECTRIC, INC. (FL) — $6,317,500.
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 |
|---|---|---|---|
| Florida | 11,304 | $1.39B | 98.8% |
| South Carolina | 8,611 | $875.1M | 98.3% |
| Georgia | 5,067 | $738.1M | 98.6% |
| North Carolina | 2,121 | $250.3M | 98.8% |
| Alabama | 1,066 | $122.5M | 99.1% |
| Virginia | 543 | $99.4M | 98.9% |
| Illinois | 41 | $4.7M | 100.0% |
| Tennessee | 39 | $4.7M | 97.4% |
| Texas | 37 | $3.7M | 97.3% |
| California | 36 | $6.4M | 100.0% |
| New Jersey | 30 | $4.5M | 100.0% |
| Massachusetts | 28 | $4.1M | 100.0% |
| New York | 20 | $5.7M | 100.0% |
| Maryland | 19 | $4.5M | 100.0% |
| Oregon | 14 | $2.6M | 100.0% |
| Connecticut | 9 | $1.6M | 88.9% |
| Ohio | 8 | $596,971 | 100.0% |
| Michigan | 8 | $604,841 | 100.0% |
| Colorado | 8 | $784,683 | 100.0% |
| Pennsylvania | 7 | $821,047 | 100.0% |
| District of Columbia | 7 | $283,968 | 85.7% |
| Arizona | 7 | $1.4M | 100.0% |
| Washington | 6 | $2.8M | 100.0% |
| New Hampshire | 6 | $328,923 | 100.0% |
| Louisiana | 6 | $1.5M | 100.0% |
| Indiana | 5 | $298,190 | 100.0% |
| West Virginia | 4 | $346,777 | 100.0% |
| Rhode Island | 4 | $173,390 | 100.0% |
| Minnesota | 4 | $166,104 | 100.0% |
| Kentucky | 4 | $756,403 | 100.0% |
| Wisconsin | 3 | $54,389 | 100.0% |
| Mississippi | 3 | $110,993 | 100.0% |
| Maine | 3 | $110,873 | 100.0% |
| Vermont | 2 | $145,844 | 100.0% |
| South Dakota | 2 | $12,384 | 100.0% |
| Nevada | 2 | $338,260 | 100.0% |
| New Mexico | 2 | $722,000 | 50.0% |
| Montana | 2 | $23,698 | 100.0% |
| Missouri | 2 | $370,897 | 100.0% |
| Arkansas | 2 | $861,372 | 100.0% |
| Utah | 1 | $528,766 | 100.0% |
| Kansas | 1 | $2.7M | 100.0% |
| Idaho | 1 | $60,364 | 100.0% |
| Iowa | 1 | $27,000 | 100.0% |
| Delaware | 1 | $2.7M | 100.0% |