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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsLittle known NJ bank gave out $5 billion in PPP loans
https://www.thestreet.com/mishtalk/economics/trump-is-hiding-a-5-billion-paycheck-protection-slush-fund The odd thing about those Fed reimbursements is that a stunning $5.3 billion in reimbursements, or 9 percent of the $57 reimbursed by the Fed, have gone to a tiny New Jersey bank, Cross River Bank. According to the SBA, as of May 30, there were 5,454 lenders that had made loans in the PPP program. Cross River Bank is just one of those 5,454 lenders and yet it received 9 percent of the Feds reimbursements. How does that make any sense?
According to the FDIC, Cross River Bank has only one branch office and has been around for just 12 years. The $5.3 billion that the Fed has reimbursed to Cross River Bank is more than twice its total assets of $2.5 billion as of March 30. Cross River Bank has made more than 50 percent of the dollar amount that Wells Fargo has made in PPP loans but it has only 250 employees rather than the 250,000 employees working for Wells Fargo to review and process these PPP loans.
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Little known NJ bank gave out $5 billion in PPP loans (Original Post)
MoonlitKnight
Jun 2020
OP
You know, we ought to have some kind of Inspector Generals program to keep on eye on these things.
Midnight Writer
Jun 2020
#2
Nevilledog
(51,025 posts)1. Money laundering? Kickbacks?
Something smells.
Midnight Writer
(21,717 posts)2. You know, we ought to have some kind of Inspector Generals program to keep on eye on these things.
Hoyt
(54,770 posts)3. What exactly is "Mish Talk?" I'll have to check this out further tomorrow.
Wellstone ruled
(34,661 posts)4. Just read a Forbes Story,
talk about a friggin batch of crap that will coming crashing down. Appears these loans are full of a lot of nothing. Sounds like a Mafia lending operation.
C_U_L8R
(44,990 posts)5. Must be thinly disguised Trump subsidiaries and phantom corps.
That money is all in Cyprus by now.
crickets
(25,952 posts)6. K&R for visibility.
DFW
(54,302 posts)7. Who are the bank's stockholders?
Are any of them named, or related to people named Barr, Mnuchin, Kushner or Trump?
Hoyt
(54,770 posts)8. After looking further it doesn't appear Cross River is the conspiracy we are looking for.
Cross River One of Top Paycheck Protection Program (PPP) Lenders in the Country, Saving Nearly 600,000 Jobs Through 105,000 Loans
"Cross River Bank (Cross River), a leading innovator and provider of banking services for technology companies, today announced that it has approved more than $4.7 billion in loans to small businesses across the country through both rounds of the Small Business Administrations (SBA) Paycheck Protection Program (PPP). With an average loan size of $44,000, the absolute lowest amongst the nations leading lenders, Cross River was able to support nearly 600,000 employees and their families.
"COVID-19 has had a devastating impact on businesses across the country and we immediately recognized how to leverage our own technology, knowledge of fintech and expansive relationships to ensure wide access to PPP loans, said Gilles Gade, Founder, President, and CEO of Cross River. True to our roots, our team stepped up when others refused, ensuring that every small business in need had the resources and opportunity to receive funding, regardless of size or location.
"As a trusted community bank and preferred SBA lender with $2.5 billion in assets, Cross River was one of the first banks in the country offering loans via the PPP to every small business, without requiring preexisting banking relationships. At the time of introduction of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Cross River team mobilized internally to offer a streamlined and automated system to enable the processing of applications the moment the SBA opened the Program."
https://www.businesswire.com/news/home/20200609005398/en/Cross-River-Top-Paycheck-Protection-Program-PPP
"Cross River Bank (Cross River), a leading innovator and provider of banking services for technology companies, today announced that it has approved more than $4.7 billion in loans to small businesses across the country through both rounds of the Small Business Administrations (SBA) Paycheck Protection Program (PPP). With an average loan size of $44,000, the absolute lowest amongst the nations leading lenders, Cross River was able to support nearly 600,000 employees and their families.
"COVID-19 has had a devastating impact on businesses across the country and we immediately recognized how to leverage our own technology, knowledge of fintech and expansive relationships to ensure wide access to PPP loans, said Gilles Gade, Founder, President, and CEO of Cross River. True to our roots, our team stepped up when others refused, ensuring that every small business in need had the resources and opportunity to receive funding, regardless of size or location.
"As a trusted community bank and preferred SBA lender with $2.5 billion in assets, Cross River was one of the first banks in the country offering loans via the PPP to every small business, without requiring preexisting banking relationships. At the time of introduction of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Cross River team mobilized internally to offer a streamlined and automated system to enable the processing of applications the moment the SBA opened the Program."
https://www.businesswire.com/news/home/20200609005398/en/Cross-River-Top-Paycheck-Protection-Program-PPP