There's a big deal with Bank of America (BOA), now they seem to be accepting loan requests. It caused a big stink because they were bailed out some time ago but at first, they weren't bailing out others. So, it takes research but I think they changed their policy. I will post another story that perhaps confirms this.
Small businesses say Bank of America unfairly locked them out of federal lending program
Lorraine Mirabella
On the first day small businesses could apply for federal relief to help pay employees during the coronavirus crisis, some complained they were unfairly locked out.
The much anticipated $349 billion Paycheck Protection Program opened Friday, offering federally backed loans of up to $10 million to employers with fewer than 500 workers. Businesses were told to apply through a participating SBA lender, bank or credit union and that they could be approved as soon as the same day.
But many who applied through Bank of America’s online portal hit an unexpected snag.
Read more at: https://www.baltimoresun.com/coronavirus/bs-md-small-business-lending-shut-out-bank-america-20200404-xeye5y2uxndmtbe62rhll5ijti-story.html
But today:
Bank of America sees $33B boom in coronavirus rescue loan applications
Niv Elis
A federal program to help small businesses keep employees on board through the coronavirus crisis saw a boom of applications since it launched a few days ago, according to Bank of America.
The bank, the first major lender to start offering the Payment Protection Program's loans on Friday, said on Monday that it has received more than 178,000 applications worth almost $33 billion, about 9.4 percent of the total available in the $349 billion program.
The figures demonstrate deep demand for relief from businesses suffering from the economic strain of the COVID-19 pandemic. Bank of America, which only offered the loans to its existing business customers, represents only a small slice of businesses.
Read more at: https://www.msn.com/en-us/money/smallbusiness/bank-of-america-sees-33b-boom-in-coronavirus-rescue-loan-applications/ar-BB12e8wD
