While smaller banks were already participating - helping the Treasury Department originate nearly $900 million worth of loans soon after its program kicked off - those four lenders touch a huge portion of U.S. households, and can get money out the door much more quickly to customers who already have accounts with them.
The industry threatened to boycott the program unless the government addressed those concerns, Reuters reportedSmall businesses employ about half of the workers in the U.S. private sector. They have been hit hard during the outbreak of the new coronavirus, as cities and states have shut down non-essential businesses, creating painful job losses and a sharp decline in spending.
But banks, which are handling aid requests, lacked guidance on how the program should work until a few days ago. In the meantime, confused customers flooded their phone lines trying to apply.
But BankofAmerica does not. They sent our small business an email to invite us to apply. We meet the requirements and we were denied. What is the point of having all our business accounts with them? BankofAmerica SBAgov SBAJovita
Except when their computers go down because they say their systems got overloaded. Tried over and over today to submit it. Systems still down.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of America says 85,000 small businesses have asked for $22.2 billion in loans since 9 a.m.Bank of America is now accepting online applications for the government’s $350 billion small business relief program. “Speed is of the essence here for these types of small businesses,” CEO Brian Moynihan said this morning. They had to make it worse first Shocker No they are not.They are denying just about every business that meets the government's qualifications. Have you ever heard of investigative journalism? could you do your damn job and report the truth. I guess he didn't mention how BankofAmerica isn't allowing people to apply without a prior debt relationship. Worst bank on the planet. Platinum Honors client, will be switching.
Source: CNBC - 🏆 12. / 72 Read more »
Bank of America shifting some employees' roles amid coronavirus - Business InsiderBank of America is shifting around 3,000 employees, including trainee financial advisers, to handle surging customer calls as part of its coronavirus response
Source: BusinessInsider - 🏆 729. / 51 Read more »
Bank of America forecasts European recession, economy to shrink 8% - Business InsiderThe banking titan warned that policymakers may not be going far enough in their efforts to stimulate growth.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Bank of America slashes US economic forecasts amid coronavirus - Business Insider'The deepest recession on record': Bank of America slashes forecasts, now sees up to 20 million jobs lost, 15.6% unemployment, and a shrinking economy for 3 straight quarters It was predicted, sad but true, it will give a lessons to millions of people., specially high mid class.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trump vows small business rescue will launch despite bank backlashEven as lenders such as JPMorgan Chase said they most likely wouldn't be prepared to offer the government-backed loans, President Trump said at the daily coronavirus press briefing that the so-called Paycheck Protection Program 'is launching tomorrow.' “So called?” No - that’s what it is called Bend over baby cause here it comes…
Source: politico - 🏆 381. / 59 Read more »
Bank of America's small business loan portal is up, making it the first major bank to begin programExcellent performance by this first-rate bank. Well done to all involved. matthewstoller never. Come on jpmorgan. Be patriots and do what's right.
Source: CNBC - 🏆 12. / 72 Read more »