Large banks say they submitted hundreds of thousands of PPP applications but they’re in the dark about how the SBA is handling the loans politico.com/news/2020/04/2…
Bank of America from Sunday through early Monday sent 184,000 PPP applications to the SBA. As of yesterday afternoon, it was waiting for the agency to process the loans. The bank believed it had just 1,000 loans approved so far.
JPMorgan Chase submitted a similar number of applications as Bank of America. Wells Fargo said it submitted more than 100,000 applications on Monday.
On Tuesday, the SBA said that smaller lenders with less than $50 billion in assets had a total of $39.6 billion in loans approved in the latest round of PPP funding, or about 75 percent of the total dollar amount of loans approved so far.
One bank source said SBA appeared to be putting big lenders at the back of the line in PPP Round 2. "That's clearly what's happened," the person said. "They're in the hundreds of loans processed, which is crazy, because they have tens of thousands of loans."
