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Several major US banks are being sued for unfair PPP lending practices - Business Insider

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ICYMI: Major US banks are being accused of prioritizing higher-value loan applications, rather than processing requests on a first-come, first-serve basis

The lawsuits accuse the banks of prioritizing higher-value loan applications, rather than processing the requests on a first-come, first-serve basis — which the PPP intended — leaving thousands of businesses without loan access. PPP funding was within two weeks of being made available, but in the three days before it dried up, banks allegedly processed loan applications for $150,000 at less than twice the rate of larger loans.

The lawsuits claim that the largest loans were front-loaded so that banks could earn higher commissions from the government, which is banks to process loans: Fees range from 5% for a loan under $350,000 to 1% for a loan over $2 million. Though the preferential treatment that banks are allegedly giving to larger loan requests may not be outright illegal, they must be mindful of how their procedures are being perceived. BofA was separately

 

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Lol and this is news? Of course they are it's the freaking big banks

is anybody surprised?

Why would they not? It’s more money for the bank, while at the same time taking care of their bigger customers first. When you know the money will run out, take care of those who take care of you.

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Bank of America client talking points on how to apply for PPP loans - Business InsiderLeaked memo shows Bank of America's talking points for staffers on how to handle the next round of PPP loans— and warns that funds likely won't meet 'extreme need and demand' This is just a PR memo that was “leaked.” Two key takeawys are: 1. BofA prevents small businesses from completing the process so they never get in the SBA queue; and 2. by “executing on the PPP,” BofA means *executing*, as in killing small businesses. LarJ2020 Welp don’t have the money don’t need it image no debit daradigitron botcoin
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