Strong Bank Response to Paycheck Protection Program (PPP) Drives Record-High Satisfaction Among Small Business Customers, J.D. Power Finds

Proactive Response Creates Opportunity for Increased Retention and Cross-Selling

TROY, Mich.--()--After getting off to a wobbly start in the earliest days of the pandemic, the nation’s banks nailed their response to the U.S. Small Business Association’s Paycheck Protection Program (PPP), managing to administer $669 billion in relief loans to small businesses and—importantly—oversee the forgiveness of more than 1.1 million of those loans. According to the J.D. Power 2021 U.S. Small Business Banking Satisfaction Study,SM released today, small businesses’ appreciation of their bank’s handling of PPP application and forgiveness helped overall customer satisfaction climb to a record high this year.

“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. “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.”

Following are some key findings of the 2021 study:

  • PPP delivers big boost to small business banking customer satisfaction: Overall customer satisfaction scores for small businesses that applied for PPP loans with their primary bank are 853 (on a 1,000-point scale), which is 32 points higher than customers that did not apply for a PPP loan. Satisfaction climbs to 869 among small businesses that completed the process of PPP loan forgiveness.
  • Just more than half of small businesses financially healthy: Despite improvements in the economy and an improved business outlook, only 52% of businesses are financially healthy, meaning they are financially stable and have access to capital/credit required to meet business needs. The rest fall into either the financially stressed (26%) or financially vulnerable (23%) categories. Another 28% of small business owners say COVID-19 continues to have a severe or major effect on their business.
  • National banks outperform regional banks in customer satisfaction: Overall small business customer satisfaction with national banks is 829, which is 13 points higher than the average overall satisfaction score for regional banks. National bank customers also are more likely to say that their PPP loan forgiveness process was easier.
  • Account managers make a difference: Small business banking customer satisfaction is significantly higher when a dedicated account manager is assigned to the business. The average satisfaction score for small business banking customers with an account manager is 859, which is 73 points higher than small businesses without an assigned account manager.

Study Rankings

Bank of America ranks highest in the Midwest region with a score of 859, followed by PNC Bank (839) and Huntington (835).

Chase ranks highest in the Northeast region with a score of 839. Bank of America (830) and TD Bank (830) rank second in a tie.

TD Bank ranks highest in the South region with a score of 865. Chase (861) ranks second and Wells Fargo (843) ranks third.

In the West region, Bank of the West and Chase rank highest in a tie, each with a score of 829. This is the ninth consecutive year that Chase ranks highest in the West region. U.S. Bank (825) ranks third.

See the rank charts for each region at

The 2021 U.S. Small Business Banking Satisfaction Study includes responses from 7,327 small business owners or financial decision-makers at small businesses that use business banking services. The study was fielded from June through August 2021.

For more information about the U.S. Small Business Banking Satisfaction Study, visit

About J.D. Power

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit The J.D. Power auto shopping tool can be found at

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Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224;
John Roderick; East Coast; 631-584-2200;


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Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224;
John Roderick; East Coast; 631-584-2200;