Treasury Department Encouraged Banks to Prioritize Existing Customers for PPP Loans, House Panel Says

News

Richard Hunt

rhunt@consumerbankers.com
October 16, 2020

“The Members of Congress drafting this report are highlighting the issues directly related to the way they structured the program and banks raised with them and SBA during the breakneck implementation,” said Richard Hunt, chief executive of the Consumer Bankers Association, a trade group for retail banks. Mr. Hunt said the program’s average loan size, at $100,729 , proved “banks were able to reach those businesses most in need.”