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LAFCO report urges transparency after uneven PPP distribution and outlines next steps for bank accountability
Summary
A LAFCO staff study of San Francisco banks’ COVID‑19 response found differences in PPP participation and customer relief access; the commission was asked to consider a resolution, a special study engaging communities of color and LEP groups, and public education about relief resources.
LAFCO staff presented a bank‑accountability assessment May 15 that looked at how San Francisco banks served small businesses and customers during the CARES Act response and urged the commission to consider several steps to improve local oversight.
Research associate Carrie Yee reported that of 45 banks in San Francisco, 38 were PPP‑eligible lenders and 35 participated in PPP lending; six banks accepted PPP applicants without requiring a preexisting banking relationship. Yee…
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