Bank of America Receives Approval for 265,500 SBA Paycheck Protection Program Loans to Date for Small Businesses
Since the SBA reopened the Paycheck Protection Program (PPP) on April 27, Bank of America is the #1 SBA lender in the second round of funding.
Bank of America has received approval for loans totaling $24.9 billion in needed relief for small businesses from the U.S. Small Business Administration (SBA). The majority of the loans (98%) are for companies with less than 100 employees. “We processed applications for more than 250,000 small businesses during the second phase of this program, and we continue to receive and process new applications.” said Dean Athanasia, head of Consumer and Small Business at Bank of America.