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Friday, April 3, 2020

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Bank of America announces SBA Paycheck Protection Program loan applications

Small businesses are desperate to access loans. But there's a problem: most banks aren't ready to lend.

On Friday, the Small Business Administration's Paycheck Protection Program loan applications were expected to be open and ready for small businesses around the country to get emergency, forgivable loans—intended to help them retain employees amid the COVID-19 crisis.

But as of Friday morning, only one big bank managed to start accepting applications: Bank of America.

The Brian Moynihan-led bank launched its portal for the small business loans on Friday, going live at about 9:00am ET. Yet even the bank's rollout perplexed some customers, as the bank initially prioritized existing customers with online accounts who are active borrowers as of last month.

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