April 30, 2020 / 7:10 PM / a month ago

Bank of America has 256,000 loan applications ready for SBA

(Reuters) - Bank of America Corp (BAC.N) said on Thursday it has 256,000 loan applications ready to be processed by the Small Business Administration, a U.S. government agency that provides support to entrepreneurs and small businesses, as part of the Paycheck Protection Program.

About three-fourth of the bank’s applications are for businesses with fewer than 10 employees and the average loan size is $100K.

“Once the SBA approves the loans we have submitted to them, and are trying to submit through their manual process, hundreds of thousands of small businesses in America will be getting the help that the Congress and Treasury Department intended when they created this program,” Chief Administrative Officer Andrea Smith said in a memo.

Reporting By Mrinalika Roy in Bengaluru,; Editing by Vinay Dwivedi

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