Bank / Credit Union

BOA's PPP applicants receive approvals worth $25B

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May 4, 2020

The Small Business Administration approved loans for Bank of America's small business applicants worth approximately $25 billion under the second wave of funding for the Paycheck Protection Program, according to an article in MarketWatch.com.

More than 256,000 small businesses have received a loan number to date and over 200,000 received promissory notes. Of the pool of applicants, 98% represented companies with less than 100 employees and were requesting loans for less than $350,000.

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