Re PPP: it’s easier for banks to deal with existing customers because existing customers have already cleared Know Your Customer (KYC) regulatory hurdles. It’s not a conspiracy; it’s a regulatory burden they’re asking gov for guidance to resolve. Don’t blame the banks.
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They haven’t done these checks for existing cash management customers?
I have heard from multiple small biz owners that their bank - in this case BofA - has said it won’t process their loans even if they do banking with them if they have an existing line of credit, including a cc, elsewhere. One was denied for having an Amex card for business.
