Banks Prioritized Large Businesses Over Small Ones to Increase Profits From PPP Processing Fees
Description: Leave it to the big banks here in the US to find a way to exploit the CARES Paycheck Protection Program to their benefit to the tune of over $10 Billion Dollars. Instead of following its first come first serve model they instead prioritized their largest customers over small business owners to increase the fees collected on each loan the SBA issued through them. This is how the program ran out of money with all of the large corporations getting their loans like they did while small businesses were left out in the cold.
In this video we take a look at the big banks’ massive financial windfall from the Paycheck Protection Program and their responses to their getting caught being behind making it happen.
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