Leaked memo shows Bank of America's talking points for staffers on how to handle the next round of PPP loans— and warns that funds likely won't meet 'extreme need and demand'
to apply for federal relief during the coronavirus pandemic, Bank of America, the second-largest US bank, is preparing staff for the next round set to resume on Monday.
"It is widely recognized that it will likely not be enough to meet the extreme need and demand, and it remains to be seen if more funding will be provided by Congress," Hill said. "We hope so, and in the meantime, remain focused on helping our clients process their applications as soon as possible."
Charlotte, North Carolina-based Bank of America was the first major lender to begin executing on the Paycheck Protection ProgramChief Executive Brian Moynihan said earlier this week at the firm's annual shareholder meeting, held remotely, that it's received 390,000 applications for more than $50 billion in SBA loans.
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