[WestCoastFunding]

Bank of America Changes Paycheck Protection Program Rules After Criticism.

Bank of America ended up changing its position with Chief Executive Brian Moynihan telling CNBC Friday that applicants no longer needed an existing lending relationship with the bank to access the funds.*

Bank of America says that it has already received 60,000 applications with paycheck protection program loan requests totaling over $6 billion.

Meanwhile the U.S. Small Business Administration said that 5,218 loans valued at more than $1.8 billion had been received.

This is partially correct. BofA will offer loans to businesses with existing checking BUT CAN NOT have a loan/credit with ANOTHER Bank:


“To be eligible, you must have a Small Business lending and Small Business checking relationship with Bank of America as of February 15, 2020 or a Small Business checking account opened no later than February 15, 2020 and do not have a business credit or borrowing relationship with another bank.”

https://about.bankofamerica.com/prom...hread-Redirect