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The other rationale is, it takes as much time for JPMorgan to process a $10M loan vs a $10k loan since its mostly automated. If they are making a % on it, and k
by brianbreslin 6y ago
The other rationale is, it takes as much time for JPMorgan to process a $10M loan vs a $10k loan since its mostly automated. If they are making a % on it, and know there is both a limited amount of funds and contracts that can get pushed through, OF COURSE you're going to prioritize your already best customers.
My business for now banks with BB&T (now Truist), and we were never even given a form to apply through, as they were releasing it in waves. I ended up applying via PayPal but it was already too late. BBT issued $10B in loans, but they don't say to how many, just that over 100k people tried to request them in first 48 hours. I'll be moving my banking away from this regional bank after this.
- koheripbal 6y agoThe limit is 500 employees with a 100K annual salary cap per employee, at 2.5 months. So $10.4MM is actually the maximum loan you can get - and the vast majority are far less than that.