Small business owners who have a business deposit relationship with Bank of America can now apply for a Paycheck Protection Program through the bank. This was after their applications were initially rejected on Friday (4/3), day one of the coronavirus relief program. At that time, BofA stated that application processing priority was being given to those who have credit lines or business loans with the bank; in other words, those that owe money to BofA were being put first in line, some conclude so that they could make good on their debt to the bank. This was interpreted by a number of customers as serving the bank’s interest through federal money that’s been earmarked to help qualifying small businesses across the board.
Pushback on that policy was strong as rejected BofA applicants, many of them long-time customers, took to social media. BofA’s denial of those applicants even elicited criticism from Florida Sen. Marco Rubio who pointed out that More