Banks rake in hefty fees by granting small business loans to big companies
The Paycheck Protection Program (PPP), passed by Congress as part of the CARES Act, was set up to distribute forgivable loans to small businesses shuttered over coronavirus. Several banks are being sued for allegedly funneling PPP loans to bigger corporate clients to maximize their processing fee profits. In the first batch of coronavirus relief, banks have raked in $10 billion. Yahoo Finance reporter and anchor Akiko Fujita joins Elaine Quijano in the CBSN studio to talk about the implications for banks' bottom lines, and the future of coronavirus aid to small businesses.