Feedback from small businesses on day one of their being able to apply for the Paycheck Protection Program–part of the $2 trillion relief package (the Coronavirus Aid, Relief and Economic Security Act, aka CARES Act) recently signed into federal law–has been marked by frustration and disbelief over obstacles they are encountering, including at Bank of America.
Owners whose businesses that are customers of Bank of America (BofA) Banking Services and merchant services are finding that their entry of online application is not being accetped at this critical early stage as they’ve been informed that priority is going to those who have credit lines or business loans with BofA; in other words, those that owe money to BofA are being put first in line while other debt-free once stable businesses are not allowed to apply.
This has been interpreted by a number of customers as serving the bank’s interest through federal money that has been earmarked to help qualifying small businesses across the board – debt or no debt with their banker. In the first hour online, BofA received over 10,000 applications.
BoA Paycheck Protection Program
(https://secure.bankofamerica.com/apply-credit-cards/public/business-lend…
Based on our records, your account doesn’t qualify to apply for a Paycheck Protection Program Loan through Bank of America
To apply for a Paycheck Protection Program Loan through Bank of America, you must have an existing Small Business relationship with the following:
- Small business checking account open no later than 02/15/2020
- Small business lending relationship, inclusive of credit card, open no later than 02/15/2020
- Online banking username and password
Full story at Shoot
