2020-04-22 | Report: Banks earned more than $10 billion in fees processing small-business loans | TheHill
'Banks that processed the small-business loans allocated by Congress in the $2.2 trillion stimulus bill made $10 billion in fees, according to financial records obtained by NPR.The fees were earned while processing loans that require less review than regular bank loans and have little risk for banks. '
'The Treasury Department told lenders that the requirements for SBA loans would be less rigorous than regular loans. '
'Some banks reported being out of applications for SBA loans within minutes. '
'All federally insured banks and credit unions could process the loans before they are approved by the Small Business Administration (SBA). '
'"Lenders are permitted to rely on borrower certifications and representations," the department told lenders, according to NPR. '
[–] derram ago
https://archive.ph/ukFFQ :
'Banks that processed the small-business loans allocated by Congress in the $2.2 trillion stimulus bill made $10 billion in fees, according to financial records obtained by NPR.The fees were earned while processing loans that require less review than regular bank loans and have little risk for banks. '
'The Treasury Department told lenders that the requirements for SBA loans would be less rigorous than regular loans. '
'Some banks reported being out of applications for SBA loans within minutes. '
'All federally insured banks and credit unions could process the loans before they are approved by the Small Business Administration (SBA). '
'"Lenders are permitted to rely on borrower certifications and representations," the department told lenders, according to NPR. '
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