Big U.S. Banks Accepting Small Business Aid Requests
Bank of America and JPMorgan Chase are accepting applications from small businesses for the coronavirus stimulus loan program.
The largest lenders in the U.S. were initially hesitant to participate in the Paycheck Protection Program, which lets small businesses affected by the pandemic apply for up to $10 million from SBA associated lenders. Banks were concerned that the expedited review process, which allows borrowers to claim eligibility without the government approval, will have a high risk for fraud.
Bank of America was the first major lender that said it would participate in the program on Friday, per Reuters. The bank claims it has already processed tens of thousands of loans within just a few hours. JPMorgan also opened a web portal for customers to apply.
Wells Fargo and Citigroup did not have application websites running as of Friday afternoon.