Over a dozen Massachusetts banks sat out first round of Paycheck Protection Program loans
The vast majority of the 100-plus banks headquartered in Massachusetts worked with customers to secure Paycheck Protection Program loans during the program’s first round of funding, though over a dozen did not participate directly, according to new U.S. Small Business Administration data.Most of the banks that sat out the initial $349 billion round are among the state’s smallest lenders. Businesses whose banks did not participate in the PPP were sometimes left scrambling to find another lender to accept their application, since many institutions prioritized their existing customers during the program’s frenzied rollout.