They attach strings to the increase in PPP funds: Of the $250 billion increase, $125 billion of the PPP loans must be channeled through “community-based financial institutions that serve farmers, family, women, minority and veteran-owned small businesses and nonprofits in rural, tribal, suburban and urban communities”.
This makes me laugh..........like a big bank like us doesn't do this? heck, i deal with farmers everyday. they chose us to bank with as a conscious decision, why should other banks take precedent? i think this is merely posturing. It sounds good to the base, but makes little sense. I deal with women, minorities, farmers and vets (animal and people) all the time. i'm sure they are pretty happy with how things are going for them.
We are merely a portal to the money that YOU SET UP. why make access to these funds tougher if you need to use a smaller instititution tat doesn't have our man power or comittment? i mean, we've been going 24/7 and moving resources, in the thousands (people) to work these apps. Go funnel these through an institituion that has 6 people using a Wang word processor. i'm sure this will help the process.