Bank of America announced today that it has received Small Business Administration (SBA) loan approvals for 265,500 small businesses under the SBA’s Paycheck Protection Program (PPP). This represents $24.9 billion in needed relief for small businesses. More than 256,000 of these small businesses have received a loan number since the SBA reopened the PPP funding on April 27.
“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. We are happy to see the SBA has been processing submissions at a faster rate, and hopefully there is sufficient funding for everyone in need,” said Dean Athanasia, head of Consumer and Small Business at Bank of America.
Bank of America continues to provide non-government-related lending to small businesses. According to the Federal Deposit Insurance Corporation (FDIC), Bank of America is the No. 1 lender to small businesses in the United States.
While no fees related to the PPP have been received from the SBA, the company announced that net proceeds related to PPP fees will be dedicated to support small businesses and the communities and nonprofits we serve.
For questions related to a Bank of America account and the Paycheck Protection Program, clients can contact us at PPP_Help@bofa.com.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,700 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,100 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.