Bank of America sent 184,000 PPP applications to SBA but has only received 1,000 loan numbers from the agency so far

Yet the SBA has only approved 1,000 of those loans so far, according to a bank spokesperson who declined to provide any further comment on the rate of approval.Although the SBA said it does not comment on individual lender operations, a senior administration official defended the agency by citing the number of applications approved across all lenders.The SBA has approved over 500,000 loans valued at over $55 billion as of Tuesday afternoon, the official told CNN Business.

"Today, we will communicate to each client whose application has been submitted to the SBA, advising them the loan application has been submitted, and we will notify each client promptly when the SBA has acted on the application. We expect that will take several days at the earliest based on what the SBA is telling us."Read MoreBank of America has"another 48,000 client applications ready for the SBA," wrote Athanasia.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Companies are set to issue record debt for a 2nd straight month — and Bank of America says it's because the Fed 'solved' a looming credit crisis | Markets InsiderUS investment-grade debt issuance is on pace to post its second-straight monthly record, Bank of America said in a Monday note. New offerings to... Solved you mean delayed for the benefit of the rich.
Source: BusinessInsider - 🏆 729. / 51 Read more »

The Federal Reserve Is Changing What It Means to Be a Central BankBy lending widely to businesses, states and cities, the Fed is breaking taboos about who gets money to prop up a frozen U.S. economy, risking a political backlash down the line. senatemajldr and LindseyGrahamSC How will POTUS handle the pending financial meltdown. Daily press briefings? Look for change in your sofa advice? You are cooking your own goose everyday he stays in power. With large scale purchases of US Treasury Securities , the Federal Reserve is stretching the boundaries for what a central bank will do to finance soaring Federal debt.
Source: WSJ - 🏆 98. / 63 Read more »