4 ms·

I put in an application immediately with Bank of America. My business is pretty small so our requested loan was about ~$80K. I personally know others who used t

I put in an application immediately with Bank of America. My business is pretty small so our requested loan was about ~$80K. I personally know others who used the same automated system after me and received a loan while I got an email a couple days ago asking me to hope that Congress allocates more money. The problems are pretty simple. Big banks prioritized big customers, especially those with debt to the banks. If your monthly payroll is $2.5M, are you really a mom and pop shop? Big banks then collected ridiculously high fees for a simpler process than they normally conduct. I'm guessing they literally had a team that estimated the highest fee they could charge without being punished by the government.

ianhawes 7y ago
That has been almost exactly my experience with Bank of America (though our loan size was a little less). We submitted our application the day it became available. We received a link to upload documents a few days later. We provided the documentation almost immediately. Other than the automated emails (which threaten delays if you reply) we received a very sketchy call from someone claiming to be a banker with BOA. To date, we've heard nothing. Whatever they used to prioritize who received funds will probably come out in the class action lawsuit. I look forward to receiving my $18 check.