BofA Prepares for Deluge of Small-Business Loan Applications
- Lender says 1 million clients are eligible for relief program
- Initiative is part of $2 trillion government stimulus package
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Bank of America Corp. is preparing for a flood of applications from U.S. small businesses seeking government relief to weather the coronavirus outbreak.
“We know for these businesses speed is of the essence,” the bank said in a statement. “We can move fastest with our nearly 1 million small-business borrowing clients. That is our near-term priority. As the administration has made clear, going to your current lending bank is the fastest route.”