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Bank of America restricts coronavirus bailout loans to businesses who previously borrowed

Bank of America restricts coronavirus bailout loans to businesses who previously borrowed

Bank of America customers trying to apply for their piece of the $350 billion small business bailout were appalled to learn the bank was restricting loans to businesses who’d borrowed previously – despite claiming otherwise. Outraged customers discovered on Friday that the massive financial institution is unilaterally denying loans through the Paycheck Protection Program – the small business bailout passed as part of last month’s coronavirus economic stimulus – to any business that hasn’t borrowed from Bank of America previously. While the bank’s CEO Brian Moynihan told CNBC it was merely prioritizing existing business loan customers, the policy posted on its website contradicted that claim, revealing that a prerequisite for applying to the scheme was a “small business lending relationship, inclusive of credit card,” that existed prior to February 15. Bank of America was the first of the ‘big banks’ to begin accepting applications – and, as of Friday morning, the only one, though…
Source: Bank of America restricts coronavirus bailout loans to businesses who previously borrowed

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