[mauricio]

With my wife's business we applied with Bank of America in the morning as soon as applications opened. They were one of the first banks to offer the loan. Like OP, the next day they asked us to fill out their template PDF which asked for the same information we had already provided. We did that ASAP.

Didn't hear anything else after that.

For my company we went through Chase the same day when it was available. They never asked for any information. We called, they said it was being processed. Still no info.

I have a few other friends who own businesses and none have received the loan. The only person I know that received the loan went through a local bank in New Mexico. I think the big banks just prioritized the really large loans > $1M.

[dboreham]

Banks will receive fees based on the loan amount. The fee % does decrease at higher values but given each loan has to be manually processed by a member of the bank staff, it would make sense to process a small number of larger loans in the short time window to maximize fees.