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
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
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'
続きを読む »
Deutsche Bank refuses to give U.S. senators information on recent Trump dealingsDeutsche Bank has declined a request by prominent U.S. senators to provide information about the German lender's recent business dealings with U.S. President Donald Trump and his family, according to a letter this week seen by Reuters.
続きを読む »
U.S. weighs taking equity stakes in U.S. energy companies, Mnuchin saysThe U.S. government is considering taking equity stakes in U.S. energy companies as it seeks to help the nation's oil and gas sector amid the coronavirus outbreak, Treasury Secretary Steven Mnuchin said on Friday.
続きを読む »
U.S. airlines receive extra $9.5 billion in payroll support: U.S. TreasuryThe U.S. Treasury Department said on Saturday it has released $9.5 billion in additional funds from the Payroll Support Program to U.S. air carriers, bringing to $12.4 billion provided to the airline sector hit hard by the coronavirus pandemic.
続きを読む »
Next Wave of IRS Stimulus Payments Set to Hit Bank Accounts in Coming DaysThe Treasury Department is poised to send the second major wave of stimulus payments to people who have been waiting
続きを読む »
Trump Is Personally Indebted To China’s State-Owned BankAs the president tries portraying Biden as weak on China, he owes tens of millions to its government over a real estate deal—and the bill would come due during his second term
続きを読む »