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.
The U.S. government has asked banks to help it dole out at least $350 billion in loans to small businesses, part of the $2 trillion coronavirus stimulus bill signed last week. But banks and industry groups haveto get online systems up and running until just hours before the deadline. That guidance was finally issued by Treasury around 7 p.m. Thursday, leaving banks scrambling to get their systems to accept loan applications.
Even at Bank of America, there was confusion among customers about the program. The bank is prioritizing existing customers with online accounts who are active borrowers as of last month, meaning that even longtime customers are being initially shut out of the application process. Dozens of irate customers took to social media to complain.
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