A survey of more than 500 Latino small-business owners who applied for coronavirus relief loans found that only 97 of them received money, while the rest have never heard back on their applications. - NBCLatino
The majority of the Latino business owners who applied for the loans did so through their existing bank or lender, the survey found. Major banks where Latinos applied included Bank of America, JPMorgan Chase, Wells Fargo, Frost Bank and PNC.
Wells Fargo said in a statement is"working as quickly as possible" to prepare applications from small business customers for the latest round of funding Congress provided. The bank said it has mobilized thousands of employees and launched new technology to get their applications processed. It was followed by PNC Bank, which approved 14 percent or 1 of 7 applications; JPMorgan Chase, 12 percent or 5 of 42; and Bank of America, 11 percent or 5 of 44 applications.
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