That changed with Bank of America'sThe U.S.
That changed with Bank of America'sThe U.S. government has asked banks to help it dole out at least $350 billion in loans to small businesses, part of the $2 trillion coronavirus stimulus bill signed last week. But banks and industry groups haveto get online systems up and running until just hours before the deadline. That guidance was finally issued by Treasury around 7 p.m. Thursday, leaving banks scrambling to get their systems to accept loan applications.
"Having just received guidance outlining how to implement a $349 billion program literally hours before it starts, we would ask for everyone to be patient," Richard Hunt, head of the Consumer Bankers Association, said late Thursday in a statement, adding that the organization's members would "move heaven and earth to get a system in place and running to help America's small businesses and the millions of men and women who work at them.
Still, the website for JPMorgan, the biggest U.S. bank, told customers that "We aren't accepting applications for this program at this time. Check back for updates."
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