Home » Markets » Feeling the heat, Bank of America loosens criteria for small business pandemic loans
Feeling the heat, Bank of America loosens criteria for small business pandemic loans
JPMorgan delays coronavirus business loans over litigation fears: Gasparino
Confusion and delays come with the small business loans program. FOX Business’ Charlie Gasparino with more.
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Bank of America said Saturday it’s expanding the list of customers eligible for a government-sponsored stimulus program designed to provide loans to small businesses hard-hit by the country's pandemic-related economic collapse.
The move follows intense criticism by Bank of America clients that the nation's second-largest lender was failing to properly process applications when the program commenced Friday morning.
In a statement, Bank of America said it had essentially scaled back the eligibility requirements to apply for loans that initially confused and angered many clients. The bank will now accept applications from small businesses if they had an individual or business checking account as of February 15 of this year as long as they have no borrowing or credit relationship with another bank.
As FOX Business has reported, Bank America clients say that they were turned away from the program if they didn't meet stricter requirements, such as having a business relationship and a credit card with the bank.