The Paycheck Protection Program and Economic Injury Disaster Loan program had significant impacts on the small business lending market. The value of outstanding loans of less than $1 million (considered to be small business loans) jumped 39% between December 2019 and June 2020. This report examines that lending activity, finding that lenders with assets between $1 billion and $10 billion distributed 62% more funding than expected, while lenders with assets over $50 billion, the largest category, distributed 31% less funding than expected. Read “Change in Small Business Loans Outstanding During the COVID-19 Pandemic” to learn more.