Pressure is on Wells Fargo and Bank of America after they lagged in helping business customers tap the Paycheck Protection Program.
The PPP was supposed to save our small restaurants and businesses. But where’s the money?
Bank of America Chief Executive Brian Moynihan said Wednesday that his company has received 390,000 applications seeking a total of more than $50 billion in SBA loans, and has continued to process them since the first round of funding ran out. The bank has had about 8,000 people involved in handling application packets, spokesman Bill Halldin said.Advertisement
JPMorgan has fully processed more than 115,000 applications, totaling about $13 billion, which it can submit as soon as the program reopens, a spokesperson for the company said Wednesday. In the first round of funding, the bank’s commercial customers had athan smaller clients in getting financing. Since then, the lender has had thousands of people verifying payroll information and working with clients to correct errors, the most time-intensive parts of the process.
The next round of funding includes a $60-billion carve-out for small lenders. That was important for Congress to do because although community banks participated early and more aggressively in the first round than some larger banks, they’ll be competing this time with large banks fully active, said Paul Merski of the Independent Community Bankers of America.
“Now that the program’s been up and running, the largest lenders with armies of loan officers can dominate the funding,” Merski said.
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