Small Business Stimulus Loans: Bank Of America Has Received Applications For $32.6 Billion, Wells Fargo Says It Can’t Meet Demand Due To Fed Restrictions

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Bank of America has seen applications from 177,000 small businesses that account for $32.6 billion, while Wells Fargo says it can't meet demand due to fed restrictions by theothersarahh

that Bank of America has seen applications from 177,000 small businesses that account for $32.6 billion—almost 10% of the entire amount allocated by Congress. .

Wells Fargo says it will focus its lending on nonprofits and small businesses with fewer than 50 employees , citing Fed restrictions on its balance sheet capacity; the bank says it has already enough applications to that exceed“We are committed to helping our customers during these unprecedented and challenging times, but are restricted in our ability to serve as many customers as we would like under the PPP,”Over the weekend, Senator Marco Rubio tweeted that based on current demand, money in...

Last week, Bank of America received 10,000 applications for loans within the first hour its portal was open, CEO Brian Moynihan told CNBC. The bank has been criticized for restricting applications to customers who already borrow from the bank, which excludes those customers who have checking accounts but not loans.

 

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theothersarahh BANK OF AMERICA - ONCE MORE YOU FAILED I Have my personal account with bank of America for over 20 years, Credit Cards, and Today I was denied for a Paycheck Protection program for my business by Mr. William Leonard, in Doral FL, since I do not have an Business account.

theothersarahh BankofAmerica online application for Payroll protection still has a requirement for +20% owners to be US resident with SS. Foreign owned companies have US citizens working for them that need this funding. Their application does not follow SBA guidelines.

theothersarahh uff

theothersarahh 'The program will offer loans of up to $10 million at 1% interest to companies & nonprofits with fewer than 500 workers so they can cover 2Months of payroll and overhead expenses. If the borrower retains workers and doesn’t cut their wages,the government will forgive most or all'

thebearablebull theothersarahh Xrp adoption mffffff

thebearablebull theothersarahh Because BofA is the official bank of the Treasury Department. They signed the deal with Mnuchin last year!

theothersarahh WellsFargo is this true?

theothersarahh Yet wall street has already got 1.5 trillion

theothersarahh Also Chase doesn’t seem to be processing or funding loans.

theothersarahh Very large number of loan applications from small businesses, even with Bank of America's restrictions. Hopefully, Wells Fargo, JP Morgan, Citigroup, & others can get their loan programs up and running soon! Well written article!

theothersarahh Well maybe if Wells Fargo didn't fuck over half their customers and create fake accounts for people, they wouldn't be under such stringent restrictions.

theothersarahh Dear Modi ji, the interest of home loan for the next 3 months should be forgiven nointrest3month

theothersarahh I wonder if they'd lend to one with one.

theothersarahh Wells Fargo Lexical Translator: Federal Restrictions = Executive Bonuses

theothersarahh Wells Fargo wont because they dont want to, crooks

theothersarahh uh , then lift the restrictions

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