{"id":65411,"date":"2020-04-06T15:33:04","date_gmt":"2020-04-06T15:33:04","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=65411"},"modified":"2025-02-03T08:18:27","modified_gmt":"2025-02-03T08:18:27","slug":"bank-of-america-sees-booming-rescue-loan-demand-with-applications-for-nearly-10-of-program","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/bank-of-america-sees-booming-rescue-loan-demand-with-applications-for-nearly-10-of-program.html","title":{"rendered":"Bank of America sees booming rescue loan demand, with applications for nearly 10% of program"},"content":{"rendered":"\n
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\nBank of America said Monday that it\u2019s seen fierce demand for emergency rescue loans with current applications already accounting for nearly 10% of the entire amount allocated by Congress.<\/div>\n
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\nThe bank confirmed that it has received applications from 177,000 small businesses for a total of $32.6 billion in financing. The current Bank of America numbers are its applications and do not represent the sums the Small Business Administration has approved.<\/div>\n
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\nThe bank was the first major lender to set up and launch its portal for the Paycheck Protection Program though it was quickly inundated with requests.<\/div>\n
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\nThe chaotic and widespread demand stems from the nation\u2019s small business owners,  who have scrambled to apply for the rescue funds out of fear they could miss out on the historic, $350 billion program.<\/div>\n
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\nSteven Mnuchin, the U.S. Treasury Secretary, has assured business leaders that he would request more money if that happened, though any additional funding would require congressional approval and face potential hurdles from fiscal conservatives.<\/div>\n
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\nFederal lawmakers asked banks to help it dole out the $350 billion in loans to small businesses as part of its massive $2 trillion coronavirus stimulus bill signed last month. Legislators hope that small businesses will use the $350 billion to help keep staff on payroll and mitigate the economic shockwaves caused by state government mandates to self-quarantine and shutter commerce.<\/div>\n
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\nBank of America said Monday that it\u2019s seen fierce demand for emergency rescue loans with current applications already accounting for nearly 10% of the entire amount allocated by Congress.<\/div>\n
\n
<\/div>\n
\nThe bank confirmed that it has received applications from 177,000 small businesses for a total of $32.6 billion in financing. The current Bank of America numbers are its applications and do not represent the sums the Small Business Administration has approved.<\/div>\n
\n
<\/div>\n
\nThe bank was the first major lender to set up and launch its portal for the Paycheck Protection Program though it was quickly inundated with requests.<\/div>\n
\n
<\/div>\n
\nThe chaotic and widespread demand stems from the nation\u2019s small business owners, who have scrambled to apply for the rescue funds out of fear they could miss out on the historic, $350 billion program.<\/div>\n
\n
<\/div>\n
\nSteven Mnuchin, the U.S. Treasury Secretary, has assured business leaders that he would request more money if that happened, though any additional funding would require congressional approval and face potential hurdles from fiscal conservatives.<\/div>\n
\n
<\/div>\n
\nFederal lawmakers asked banks to help it dole out the $350 billion in loans to small businesses as part of its massive $2 trillion coronavirus stimulus bill signed last month. Legislators hope that small businesses will use the $350 billion to help keep staff on payroll and mitigate the economic shockwaves caused by state government mandates to self-quarantine and shutter commerce.<\/div>\n
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\nFor More Information<\/b><\/div>\n
\nClick Here<\/a><\/b><\/div>\n<\/div>\n\n
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