Federal relief loan chaos on Twitter: banks turn small businesses away - Business Insider

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'We don't get lifeboats': Entrepreneurs are raging on Twitter after banks turn away desperate business owners who were promised government relief today

. But a combination of high demand, conflicting information, and changing guidance are causing significant uncertainty for lenders and borrowers.said he spoke to two banks today and neither was ready to process a loan. "Also not true you can go to any bank. Tried to go to another bank and was told unless you have a biz account with them, they are not processing a loan," he said on Twitter. "Being a #bankofamerica business customer is like being one of the poor on the Titanic.

Another screenshot showed Bank of America's qualifications that small businesses must have preexisting lending relationships and a credit card with the bank as of February 15, 2020.

 

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There is no life raft when we are all drowning simultaneously. S O S !!!!!

lifeboats are on order....GM is maybe going to start making lifeboats.

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