The administering of $669 billion in Paycheck Protection Plan loans to small businesses drove customer satisfaction with banks to a record high, according to J.D. Power’s Small Business Banking Satisfaction Survey released today. Small businesses gave their banks a satisfaction score of 822 out of 1,000—up 2 points from 2019.
Overall, 36% of small business banking customers applied for a PPP loan through their primary bank, which J.D. Power said drove customer satisfaction; businesses were significantly more satisfied when the PPP application was approved than when it was declined or still pending approval.
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