A policy set forth by the banking giant Bank of America has been rejecting multiple applicants for the newly enacted SBA Payroll Protection Loan.
Multiple consumer reports have basically described the same issue. Bank of America will not issue a CARES payroll protection loan if you did not have a line credit with the financial giant at some point.
Steve a 25 year old business owner received this response saying: “Shame on you @BankofAmerica . A 25-year-old, debt-free, Florida corporation and client of #bankofamerica that you’re unwilling to assist with employee payroll protection because we don’t have a loan with you. That’s just bad business.”
Shame on you @BankofAmerica . A 25-year-old, debt-free, Florida corporation and client of #bankofamerica that you're unwilling to assist with employee payroll protection because we don't have a loan with you. That's just bad business. @marcorubio @GovRonDeSantis @realDonaldTrump pic.twitter.com/BF75fDn5VT
— Steve (@swemco) April 3, 2020
Business Owner and Movie Director Leo Daniels was also denied. Daniels took to twitter to voice his frustration “This is complete BS you guys are NOT helping small business owners even those that have been with you for YEARS! We are letting the public know, letting the SBA know and letting the president know how you’re treating people during this crisis!”
This is complete BS you guys are NOT helping small business owners even those that have been with you for YEARS! We are letting the public know, letting the SBA know and letting the president know how you're treating people during this crisis! pic.twitter.com/41WiqfeUs2
— Leo Daniels™️💎 (@PremierCasting) April 3, 2020
As more and more loyal customers get turned away one would have to ask themselves, will Bank of America make a policy change or continue to turn away their loyal customers in d desperate time of need.
When you get excited & proud as a non-profit director & as a loyal customer cause your personal & biz bank, @BankofAmerica, opens apps for Payroll Protection. But wait, because you don’t use credit you get punished. #thanksboa #COVID19 #bankofamerica #payrollprotectionprogram pic.twitter.com/zAcVDjERYf
— Alia Salem (@aliarsalem) April 4, 2020
The posts are endless. Bank of America has yet to respond.
@realDonaldTrump @BankofAmerica @SBAgov been in business 13 yrs, with my acct at BoA. They won't accept my application for CARES Act – payroll protection plan. Why? Because I give them $ and don't owe them $. They say I don't qualify. Tell my employees that! pic.twitter.com/I8MwEdcdEt
— Celeste Celeste (@Celeste76522) April 3, 2020
