Bank of America Receives Approval for 265,500 SBA Paycheck Protection Program Loans to Date for Small Businesses
04 Maggio 2020 - 7:18PM
Business Wire
Bank of America announced today that it has received Small
Business Administration (SBA) loan approvals for 265,500 small
businesses under the SBA’s Paycheck Protection Program (PPP). This
represents $24.9 billion in needed relief for small businesses.
More than 256,000 of these small businesses have received a loan
number since the SBA reopened the PPP funding on April 27.
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Of the SBA applications submitted to date:
- 98% are for companies with fewer than 100 employees.
- 76% are for companies with fewer than 10 employees.
- 93% are for less than $350,000.
- 78% are for less than $100,000.
- 23% are from low-to-moderate income (LMI) neighborhoods.
- The following link provides funding information by state:
https://newsroom.bankofamerica.com/system/files/BAC_Paycheck_Protection_Program_Loans_for_Small_Businesses.pdf.
Since the SBA reopened on April 27, Bank of America:
- Has sent 213,000 promissory notes to small businesses
indicating SBA loan approval.
- Is the number one SBA lender in the second round of
funding.
“We processed applications for more than 250,000 small
businesses during the second phase of this program, and we continue
to receive and process new applications. We are happy to see the
SBA has been processing submissions at a faster rate, and hopefully
there is sufficient funding for everyone in need,” said Dean
Athanasia, head of Consumer and Small Business at Bank of
America.
Bank of America continues to provide non-government-related
lending to small businesses. According to the Federal Deposit
Insurance Corporation (FDIC), Bank of America is the No. 1 lender
to small businesses in the United States.
While no fees related to the PPP have been received from the
SBA, the company announced that net proceeds related to PPP fees
will be dedicated to support small businesses and the communities
and nonprofits we serve.
In addition to lending through the PPP, Bank of America is
providing support to customers including:
- 1,320,000 deferrals of mortgages, credit card and auto loans;
including 160,000 mortgage deferrals – foreclosure sales have been
paused.
- Clients can request refunds for late fees, overdraft fees,
non-sufficient fund fees and CD early withdrawal fees.
- 10.5 million government assistance payments (Economic Impact
Payments) processed to date, totaling $18 billion.
- $2.4 billion in credit extended to small business clients in
the first quarter of 2020, up 11% year over year apart from the
government’s lending program.
Bank of America is supporting communities where our clients
live and work:
- $100 million commitment to local communities to purchase
medical supplies, food and other priorities in addition to the $250
million provided each year.
- $250 million in capital and $10 million in philanthropic grants
to community development financial institutions (CDFIs).
For questions related to a Bank of America account and the
Paycheck Protection Program, clients can contact us at
PPP_Help@bofa.com.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 3,000
lending centers, 2,700 financial centers with a Consumer Investment
Financial Solutions Advisor and approximately 2,100 business
centers; approximately 16,900 ATMs; and award-winning digital
banking with approximately 39 million active users, including
approximately 30 million mobile users. Bank of America is a global
leader in wealth management, corporate and investment banking and
trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 3 million small business owners through a suite of
innovative, easy-to-use online products and services. The company
serves clients through operations across the United States, its
territories and approximately 35 countries. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200504005613/en/
Reporters May Contact: Jessica Oppenheim, Bank of America,
1.646.855.1600 jessica.oppenheim@bofa.com
Bill Halldin, Bank of America, 1.916.718.1251
william.halldin@bofa.com
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