Spurred by complaints that the Paycheck Protection Program's initial phase failed to channel enough loans to small businesses, lenders have hustled to get money into the hands of more borrowers in the effort's second iteration. There are concerns that lenders will need to brace for fair-lending litigation and regulatory scrutiny for the loans they do not make.

The Small Business Administration and Treasury have pushed lenders to make PPP loans as rapidly as possible, industry observers said.

"The focus was speed, speed, speed – deploy the funds," said Brad Rustin, a lawyer at Nelson Mullins in Greenville, S.C.

"Helping SBA and Treasury roll out a massive stimulus program is not something banks ever did before," said Craig Nazzaro, another Nelson Mullins lawyer. "Most didn't have the bandwidth or capacity to meet program demands and stay heavily focused on their fair-lending controls to safeguard against future allegations of unequal access to credit for women and minority borrowers."