May 25, 2020
Bank of America client talking points on how to apply for PPP loans
Bank
of America's Merrill Lynch Wealth Management is readying staff for the
next round of small business funding set to resume on Monday, according
to a memo reviewed by Business Insider.The firm provided talking points
to employees around how to engage with clients.Even if federal funds run
dry, the firm will keep processing applications "in anticipation of
additional funding becoming available, unless we receive different
guidance from the government.â€The memo sent out on Friday afternoon
highlights how the bank, the first major lender to begin executing on
the Paycheck Protection Program earlier this month, is prepping for a
new flood of applications.Visit BI Prime for more stories.To get more
news about WikiFX, you can visit WikiFX news official website.
  As small businesses brace for another sprint to apply for federal
relief during the coronavirus pandemic, Bank of America, the
second-largest US bank, is preparing staff for the next round set to
resume on Monday.The firm's Merrill Lynch Wealth Management unit is
providing staff with approved talking points around engaging with
clients and a reference list of frequently asked questions, according to
a memo reviewed by Business Insider.Many Merrill staffers were recently
shifted from their normal responsibilities into roles helping small
business customers of all sizes. The firm expects that if the federal
funds for small businesses in distress run dry, as the initial $349
billion set aside for aid was exhausted in just two weeks earlier this
month, it will continue processing applications.
  "If current
funding is no longer available, we expect we will continue to process
applications on behalf of our clients in anticipation of additional
funding becoming available, unless we receive different guidance from
the government,†the memo, signed by Merrill chief operating officer
Kirstin Hill, said."It is widely recognized that it will likely not be
enough to meet the extreme need and demand, and it remains to be seen if
more funding will be provided by Congress,†Hill said. "We hope so, and
in the meantime, remain focused on helping our clients process their
applications as soon as possible.†The memo sent out on Friday afternoon
offers a window into how the bank is preparing for a new rush of small
business loan applications at a historic moment of coordination between
big banks and the federal government in offering a cushion to small
businesses. A company spokesperson confirmed the contents of the memo.
The
Small Business Administration is set to start accepting new
applications again on Monday. President Donald Trump on Friday signed
into law a new $484 billion relief bill, which includes $310 billion in
new funds set aside for the PPP.
  "It is critical our clients
engage with us quickly as each step of the process moves forward, and we
are reaching out to them in a variety of ways to make clear what they
need to do,†Hill wrote in the memo. "We are not sending general
information broadly to clients.†Charlotte, North Carolina-based Bank of
America was the first major lender to begin executing on the Paycheck
Protection Program when the application portals first opened on April 3.
Chief Executive Brian Moynihan said earlier this week at the firm's
annual shareholder meeting, held remotely, that it's received 390,000
applications for more than $50 billion in SBA loans."We are in a war
against COVID-19,†Moynihan said, adding the firm has processed and
funded "thousands of applications worth billions of dollars, and those
have gone out to our customers,†according to a transcript on the
financial research platform Sentieo.
  In the memo's talking points
for engaging with clients around PPP, intended "for verbal use only with
clients,†it includes a reminder that Bank of America has continued
processing loan applications "in anticipation of the SBA beginning to
accept loan applications again.†Within the frequently asked questions
described in the memo, the firm reminds staff that clients who have
already submitted applications to do not have to reapply for funds now
that SBA has secured them. Another point answered a sample question
concerning what order Bank of America is submitting loans to the SBA for
approval: "When loan applications are complete, including all required
documents and review, they enter the queue for submission to the SBA.â€
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