The Inside Story on How Big Banks Dominated the First Round of PPP

The first round of the Paycheck Protection Program was a mix of chaos, confusion and favoritism with $349bn being sent out to businesses in 12 days; while the intent of the program was to save small businesses it turned out that larger companies were given preferential treatment while thousands of small businesses were shut out; the process was beset with technology problems on the bank side and the SBA delaying loan processing; customer service was the most common theme throughout as it was the deciding factor on whether or not companies received a loan; confusion from government got the problem off to a rocky and delayed start as most banks were unable to go live on the first day of the program; more than $500mn went to 134 publicly traded companies, some of whom have said they will return the money after getting some bad press; the second tranche is getting ready to come soon and there is a fear that the additional $310bn is oversubscribed; the second round should go smoother than the first and hopefully small businesses will be the majority of recipients. Business Insider

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.