Bank of America Corp. (BAC) said Monday that it has received loan approvals from the Small Business Administration (SBA) valued at $24.9 billion for under the SBA's (SBA) Paycheck Protection Program (PPP). The bank said more than 256,000 small businesses have received a loan number and 213,000 businesses have been sent promissory notes since the second-round of funding was opened on April 27. Of the PPP applications submitted so far, 98% are for companies with fewer than 100 employees and 93% are for less than $350,000. Bank of America's stock fell 2.0% in afternoon trading. It has shed 36% year to date, while SPDR Financial Select Sector ETF (XLF) has dropped 30% and the Dow Jones Industrial Average has declined 18%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 04, 2020 13:35 ET (17:35 GMT)
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