Bank of America Receives Approval for 265,500 SBA Paycheck Protection Program Loans to Date for Small Businesses
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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
- 78% are for less than
- 23% are from low-to-moderate income (LMI) neighborhoods.
- The following link provides funding information by state:
Since the SBA reopened on
- 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
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,
- 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 billionin credit extended to small business clients in the first quarter of 2020, up 11% year over year apart from the government’s lending program. $100 millioncommitment to local communities to purchase medical supplies, food and other priorities in addition to the $250 millionprovided each year. $250 millionin capital and $10 millionin philanthropic grants to community development financial institutions (CDFIs).
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