Bank of America's small business loan portal is up, making it the first major bank to begin relief program

Bank of America'sThe 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 the Treasury Department around 7 p.m. Thursday, leaving banks scrambling to get their systems to accept loan applications.

"Having just received guidance outlining how to implement a $349 billion program literally hours before it starts, we would ask for everyone to be patient," Richard Hunt, head of the Consumer Bankers Association, said late Thursday. He added that the organization's members would "move heaven and earth to get a system in place and running to help America's small businesses and the millions of men and women who work at them.

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 some of the lender's customers were initially shut out of the application process. Bank employees toiled overnight on the program and shifted workers into loan processing roles to handle the expected deluge of applications. The latest version of the government's borrower application form was posted on Treasury's website at 10:30 p.m. Thursday night, according to an industry source.said Thursday that the Paycheck Protection Program would be "up and running" on Friday. At 8:42 a.m.

Customers reported that banks and credit unions including PNC and Navy Federal Credit Union have informed them that they weren't ready to take applications.

Follow the money, media!

Joe is a Quisling.

.GOPLeader hey Kev did you even bother consulting with the banks on how to administer this? I see gop CF in offing.

This trend started BEFORE the virus

Trump should declare Marshall law no election in November see how fast a cure will be found

When Joe is done kissing Trump and McCarthy's ass , tell him employers won't retain employees if they have no work for them . Economics 101 . Capitalism 101

McCarthy is just another Trump nut hugger.

Rumor that Pfiser working on cure for Covid-19 and begin Europen trials next week. Any confirmation appreciated!

Said it before and I'll say it again, The quicker the non-believing GOP Rube's die off from the trumpy greed virus the better off America will be.

It is a Hoax right Joe? This is the worst season of The Apprentice ever...well maybe not the season with Meatloaf...that was really bad.

Kevin McCarthy needs to resign.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

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.
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »

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.
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »

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
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »

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…
Herkunft: politico - 🏆 381. / 59 Weiterlesen »

Citigroup CEO Michael Corbat says bank is 'working around the clock' on small business relief programLenders, who are being paid fees to administer the program on behalf of the Small Business Association, will face pressure to execute the program smoothly. LOL CNBC IS BS
Herkunft: CNBC - 🏆 12. / 72 Weiterlesen »

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.
Herkunft: CNBC - 🏆 12. / 72 Weiterlesen »