President Donald Trump on Friday heaped praise on Bank of America for doing a "great job" complying with the federal government's new coronavirus pandemic stimulus plan to hand out $350 billion in loans to small businesses.
But small business owners say they’re getting the brush-off from one of the nation’s largest bankers, Fox Business reported.
Several small business owners say the loan program is hampered with defects, and that applications are being rejected for arbitrary reasons, the news outlet reported.
And bankers complain they still don't have guidance from the federal government to begin the application process even though guidance was made official Thursday night, according to Treasury Secretary Steve Mnuchin.
Several business owners are complaining that Bank of America found reasons to backlog their loan application or deny them altogether.
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Bank Locally. Especially for small business owners. Bank of America, M&T, they all stink.
ReplyDeletePick a local bank.
Support the local economy. FSF, BoD, FBoW, Provident, 1882. Pick one stop using large banks. In most cases they offer far superior service.
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DeleteI believe this will work but the paperwork trail is a nightmare!
ReplyDeleteBy the way, our local Bank of America banks closed their drive thru windows several months ago forcing you to go inside to make payments, deposits, etc. They only have ATM's at their drive thru's. We were there the other day to make a payment and there was only 1 teller open (10:30 a.m.), 4 or 5 employees standing around and there were 6 waiting in line. Bank management at its best - NOT!!!!
ReplyDeleteBanks can make more money borrowing zero interest loans from the Fed and invest it than they can with borrowing money to find these loans. They don't want to be in the business of lending money any longer
ReplyDeleteAll your local banks support this lunacy that Jake Day has created. I'll do my business elsewhere just for that reason
ReplyDeleteSo far the only businesses turned down are owned by Republicans.
ReplyDelete1:06 you are right, they are a joke. They closed the branch at my Mom's neighborhood without any warning. They don't mine blowing up your inbox on their useless banking products but could not send a memo to tell everyone to double check their local bank to see who is open until AFTER they changed the hours. This was all before the Governor gave the order to stay at home!
ReplyDeleteFeds need to CRACK DOWN on the damn banks !!!!
ReplyDelete