Lawsuit Accuses Large Banks of Prioritizing Larger PPP Loan Applications [The Motley Fool]
JP Morgan Chase & Co. (JPM)
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Source: The Motley Fool
A new federal class-action lawsuit claims that several of the nation's largest banks prioritized larger loans in thePaycheck Protection ProgramThe lawsuit, which was filed by small-business owners and has been reported by multiple media outlets, alleges these banks did this in pursuit of the higher fees that came with the larger loan amounts.JPMorgan Chase(NYSE:JPMBank of AmericaNYSE:BACWells FargoNYSE:WFCU.S. BankNYSE:USBAfter the$ trillion stimulusImage Source: GettyPortions of the loans that businesses use for expenses such as payroll do not need to be paid back, so there is very little interest income that banks can collect on PPP loans.However, the government, which is fully backing the loans, is offering fees on each loan made.According to Bloomberg, banks can earn % origination fees on loans of up to $0,000; % on loans between $0,000 and $ million; and % on loans between $ million and $0 million. That equals $7,00 for processing a $0,000 loan and $00,000 on a $0 million loan.Pl
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JPM
Earnings
- 10/14/25 - Beat
JPM
Sec Filings
- 12/5/25 - Form 424B2
- 12/5/25 - Form 424B2
- 12/5/25 - Form 424B2
- JPM's page on the SEC website