Bank of America Corp. has 256,000 loan applications totaling about $28 billion that are ready for the Small Business Administration to process.
The requests for relief funds include 184,000 submitted on Sunday and early Monday, plus 57,000 being uploaded via the SBA’s manual process, according to an internal memo from Chief Administrative Officer Andrea Smith seen by Bloomberg.
“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,” Smith wrote.
As of early Wednesday, 15,000 loans were approved and given SBA loan numbers, according to Bill Halldin, a bank spokesman.
The average loan size requested is about $100,000, and three-quarters of the applications are for businesses with 10 employees or fewer, Halldin said. California accounted for 70,000 applications totaling $7.2 billion, a small percentage of which have been approved by SBA, while Florida had 40,000 applications for $3 billion, with an average loan size of $75,000.