Bank of America sent 184,000 Payroll Protection Applications to the Small Business Administration on behalf of clients, according to a letter shared with CNN. Yet the SBA has only approved 1,000 of those loans so far, according to a bank spokesperson.
Yet the SBA has only approved 1,000 of those loans so far, according to a bank spokesperson who declined to provide any further comment on the rate of approval.Although the SBA said it does not comment on individual lender operations, a senior administration official defended the agency by citing the number of applications approved across all lenders.The SBA has approved over 500,000 loans valued at over $55 billion as of Tuesday afternoon, the official told CNN Business.
"Today, we will communicate to each client whose application has been submitted to the SBA, advising them the loan application has been submitted, and we will notify each client promptly when the SBA has acted on the application. We expect that will take several days at the earliest based on what the SBA is telling us."Read MoreBank of America has"another 48,000 client applications ready for the SBA," wrote Athanasia.
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