Morning @CevallosLaw
According to new lawsuits, banks earned PPP origination fees: 5% on loans up to $350k (up to $17k fee), 1% on loans up to$10M (up to $100k fee). That seems like a powerful incentive for bank to prioritize the the larger loans over the smaller loans, according to the complaints.
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Exactly, and therefore Small Biz are not having the opportunity to even obtain PPP because of the actions of the Banks towards the much larger loans. Congress failed to address this specific nonsense in their legislation.
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It’s no wonder we can’t get ahead in this country. The American Dream only applies to a small few. The rest of us just survive, not live
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If a bank loaned $10 million in small loans, they would earn $500K, not just $100K. More work, but more money. The incentive is unclear at best.
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interesting and good to know Danny
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I dont understand how a business with a $4M monthly payroll constitutes a “small business”.
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So I guess the payoff for true “small business” applications requesting under $50K was not great enough? Big bank greed and a Republican Federal Govt enabling them sinks the little people again?
@WellsFargo@BankofAmerica@Chase@SantanderBankUS#PPPFail#PPPSCAM@PhillyInquirer -
Hi Edith, The response to the PPP has been unprecedented and we understand your frustration. Can you please send us a DM with your full name, e-mail address, and contact information so we can discuss next steps?
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It’s actually to the banks’ benefit to give the smaller loans. 3X$350K = $52,500 in fees while 1X1M= $10,000 fee.
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If I'm reading this correctly; the banks knew the money would run out fast, so they "shuffled" apps for the higher loans, instead of first come first serve & possibly smaller loans, in order to maximize potential profits in the anticipated limited time frame before fund dried up.
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