Bank of America has sent 184,000 payroll protection requests to the Small Business Administration on behalf of its customers, according to a letter the bank shared with CNN Business.
Yet the SBA has only approved 1,000 of those loans so far, according to a bank spokesperson who declined to comment further on the approval rate.
Although the SBA has said it does not comment on the operations of individual lenders, a senior administration official defended the agency citing the number of applications approved by all lenders.
The SBA approved more than 500,000 loans valued at more than $ 55 billion on Tuesday afternoon, the official told CNN Business.
“To keep our customers informed and up to date, we’ve sent them over 10 million emails,” wrote Dean Athanasia, president of Consumer and Small Business at Bank of America, in a note to his senior executives. “Today, we will communicate to each client whose request has been submitted to the SBA, informing them that the loan request has been submitted, and we will promptly notify each client when the SBA has acted on the request. We expect it to take several days at the earliest based on what the SBA tells us. “
Bank of America has “another 48,000 SBA-ready customer requests,” Athanasia wrote. applications again.
“Since they reopened at 10:30 am on Monday, we’ve uploaded them to the SBA through their slower, more manual process,” he added.