Friday was the first day the small business loans as promised in the coronavirus stimulus package were due to be distributed, but it didn't go well.
Friday was the first day that small businesses could get loans as part of the $2 trillion coronavirus stimulus package. However, the rollout didn't go smoothly, and customers raged at Bank of America and Wells Fargo, among other banks, on Twitter.small business owners could apply for Paycheck Protection Plan loans on Friday.
"Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25 percent of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee," the Treasury said at the time.
Bank of America is one of the banks being criticised for its rollout of the Paycheck Protection Plan small business loans.At least, that was how it was supposed to work. Instead, business owners faced difficulties with the process. Some owners were denied loans, while others had trouble even getting to the online applications.
Many customers took to Twitter to complain about the difficulty they had in getting the loans they were promised by the government. Bank of America came under fire for requiring business owners to already have a business credit card with the bank to be approved for loans.
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