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Bank of America Loosens Criteria for Small Business Pandemic Loans

A Bank of America branch location in Eagan, Minnesota.

Bank of America announced Saturday that it will expand its eligibility requirements for the new small business loan program during the coronavirus pandemic. 

One of the largest lenders in the U.S., Bank of America, was heavily criticized on Friday when small business owners learned the bank would only distribute stimulus loans to customers with whom it had a preexisting relationship. 

The lender updated the qualification requirements on Saturday in a statement saying the bank will now accept applications from employers if they had an individual or business checking account as of February 15, 2020 and have no borrowing or credit relationship with another bank, according to FOX Business.

“Now that SBA and Treasury have shared key implementation details and made important changes to the program, I expect banks of all sizes will participate and provide this important financial lifeline to small business customers,” American Bankers Association President Rob Nichols said to FOX Business.

President Trump hailed Bank of America in a tweet on Friday afternoon. 

“Great job being done by @BankofAmerica and many community banks throughout the country. Small businesses appreciate your work,” the President tweeted.