JPMorgan’s small business loans instead went to its biggest customers
This might not add that much to the conversation, but the only thing I can think to say here is;<p>Of course.<p>The large institutions are more savvy, have staff they can devote to finding this money, and have more connections to the banks.<p>The small businesses who actually need this money are run by the owner, and may have an accountant, but certainly don't have someone who can jump through the arbitrary hoops put in place by banks.<p>Also,<p>>More than 300,000 customers [. . .] applied for loans through the Paycheck Protection Program[. . .]. About 18,000 were funded, for a 6% success rate.<p>Are you fucking kidding with this? I feel actually insulted by this number.<p>And finally:<p>>The bank is among four lenders now facing accusations in a lawsuit that they prioritized the biggest loans in order to earn higher fees.<p>Of course. I am upset at myself for hoping anyone in this process would act like a decent human being. I don't know what to do with the anger I'm feeling. Any thoughts on where this energy should go?