At least three major banks have decided to opt out of a new process for getting Paycheck Protection Program loans forgiven directly by the Small Business Administration, The Intercept has learned, leaving their small business customers with no other recourse if the banks refuse to forgive loans or drag out the process.
Bank of America, JPMorgan Chase, and PNC have all decided to opt out, according to emails shared with The Intercept.
They are major players in the program, which Congress created to offer businesses loans to spend on payroll and other qualified expenses to help weather the shutdowns. As of the end of May, JPMorgan Chase was the top PPP lender, followed by Bank of America in…
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