Four of Canada’s banks are collecting hundreds of millions of dollars in fees to help dole out the U.S. government aid to small businesses, sums that dwarf more modest compensation paid to banks by the Canadian government for a similar pandemic relief program.
Major Canadian banks’ U.S. subsidiaries are among thousands of lenders extending loans through the Paycheck Protection Program, launched by the U.S. Small Business Administration to funnel as much as US$660-billion to businesses. To get credit flowing quickly, the U.S. government offers banks generous processing fees of up to 5 per cent to banks that administer the loans.
U.S. banks have collectively loaned out at least US$520-billion through the PPP so far, and Toronto-Dominion Bank has been the most active Canadian lender among them. Its U.S. arm, TD Bank, has already racked up processing fees that could range from US$238-million to US$398-million this year. The total cost recovery fees earned so far by all Canadian banks and credit unions that have helped distribute 690,000 small-business loans worth $27.6-billion through the Canada Emergency Business Account could add up to a maximum of $110-million.
In area, not in population.
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