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A couple of large US banks revealed that they could not meet the overwhelming number of requests for the paycheck protection program (PPP), which were at "hundreds of thousands" as of Saturday.
The PPP, a scheme that offers businesses repayable loans to help them maintain their staff for ten weeks, had original funding of $ 349 billion.
There were 1.66 million businesses, entrepreneurs, and the self-employed, who applied through 4,975 banks and fintechs for PPP loans, which were guaranteed by the Small Business Administration (SBA).
Jennifer Roberts, JPMorgan Chase's director of corporate banking, said that they were swamped with 75,000 applications right from the first hour they went online on April 3.
As the bank's funding dried up on April 16, Chase had to allay frustration by telling customers that they have 30,000 "fully processed and verified requests," which entitles them to an additional $ 5.5 billion once the PPP funding was expanded.
Politicians have yet to agree on the terms of a PPP extension.
Roberts noted that 80 percent of the PPP requests that Chase got approved for were for clients whose revenues are less than $ 5, and that half of those clients had less than $ 100,000 in revenues.
A senior executive from another bank lamented that the amount need for pending applications for PPP loans far exceeded the $ 349 billion allocated. He warned that once the program resumes, a massive bottleneck should be expected as banks file claims on behalf of customers.
To make matters worse, large businesses like restaurants, hotels, and energy firms have accessed the funding meant for smaller businesses.
Hamburger restaurant chain Shake Shack and Potbelly Sandwich Shop each got a $10 million PPP loan, while Ruth's Chris Steak House got $20 million with the help of Chase.
These big businesses became eligible due to parameters set by the coronavirus relief law, which allows firms with more than one physical location, but which don't employ more than 500 people per location, to avail of the loan.
