Bank of America is the first of US big four banks to have opened the online portal for small-business support program as part of government’s stimulus package amid COVID-19 crisis.
The government asked banks to support it in disbursing the $350 billion meant for giving loans to small businesses as part of the $2 trillion coronavirus stimulus bill.
On Thursday, several banks told CNBC that they were not ready due to lack of adequate guidance from the Small Business Administration and the U.S. Treasury on administering the program.