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Banks struggle with volume of small business loan applications


The past week has been characterized with a large influx of small business loan applications. Yahoo reports that Bank of America received more than 10,000 applications within an hour after they set up and opened their portal to receive loan applications from small businesses.


Bank ok America has en estimated 1 million clients who run small businesses. With various large banks in the U.S. aiding significant numbers of small business clients, programs such as the newly crafted $349 billion Paycheck Protection Program appear more than necessary in assisting struggling small businesses.



Source:

https://finance.yahoo.com/news/banks-were-not-prepared-for-flood-of-small-business-coronavirus-relief-applications-180736402.html

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