Bank of America Corp and JPMorgan Chase & Co are now accepting applications for federally backed small-business loans, a sign that big U.S. banks have warmed up to the relief program after initially resisting participation.
While smaller banks were already participating - helping the Treasury Department originate nearly $900 million worth of loans soon after its program kicked off - those four lenders touch a huge portion of U.S. households, and can get money out the door much more quickly to customers who already have accounts with them.
The industry threatened to boycott the program unless the government addressed those concerns, Reuters reportedSmall businesses employ about half of the workers in the U.S. private sector. They have been hit hard during the outbreak of the new coronavirus, as cities and states have shut down non-essential businesses, creating painful job losses and a sharp decline in spending.
But banks, which are handling aid requests, lacked guidance on how the program should work until a few days ago. In the meantime, confused customers flooded their phone lines trying to apply.
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Bank of America's small business loan portal is up, making it the first major bank to begin program
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