Thousands of Bank of America business customers were being turned away on Friday when trying to apply for government-backed small business loans as part of the Trump administration’s $2 Trillion coronavirus bailout.
And small business owners, many who have banked with Bank of America for decades, were furious.
Meanwhile, Bank of America Chairman and CEO Brian Moynihan said Companies need to pay attention to a variety of stakeholders, with employees topping the list while customers were near the bottom of the list. (See the responses from customers below the story)
“We will continue to embody ‘stakeholder capitalism’ and do all we can to help those who are affected, and help secure our common prosperity,” Moynihan’s letter added. The first principle the letter endorsed was, “To employees, our principle is to keep you safe: We will continue do everything we can to protect your workplace, and to help you to adapt to the new working conditions.”
The letter from Bank of America’s (ticker: BAC) Moynihan and others also discussed approaches to other stakeholders such as suppliers, customers, consumers, governments, and society. Shareholders were at the bottom of the list. READ MORE:
Tried applying for the #PPP loan for my #smallbusiness with #bankofamerica where I’ve held a checking account for 8+ years. They say that’s not good enough. Moving my business to a bank that respects small business. This is trash.@BankofAmerica @stevenmnuchin1 pic.twitter.com/LlwYj8Ce0C
— [email protected] (@vistabart) April 3, 2020
Are you kidding me @BankofAmerica with this requirement of having a credit card to apply for the PPP? What type of scam is this. I have been a loyal customer for years with my business accounts. #bankofamerica #PPPloan pic.twitter.com/bppThanGSc
— Melissa Perri (@lissijean) April 3, 2020
At Bank of America its not good enough to be a customer to have access to the Paycheck Protection Program, you must also be a borrower. I will be moving all my accounts. #PaycheckProtectionProgram #BA #bankofamerica pic.twitter.com/zabj6cLeVX
— Christopher Bunnell (@bunnellchris) April 3, 2020
The Small Business in Transportation Coalition @theSBTC is receiving numerous complaints about #bankofamerica. If you would like us to put you in touch with our contact @Chase please email me at [email protected].
— James Lamb (@RealJamesLamb) April 3, 2020
#BankofAmerica won’t let me apply through them because I don’t currently have a business loan through them, only business checking accounts. All other banks I contacted are only working with their own customers. Where do I turn now?
— Melanie Swift (@melbird23) April 3, 2020
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