Bank of America said that about half way through its first day administering a small business relief program, more than 58,000 customers applied for $6 billion in loans.
The bank was the first major lender to get its web portal for the Paycheck Protection Program up and running, and it was soon inundated with requests.
“That is an astounding number of applications to take in such a short period of time and considering we just launched the site this morning at 8:45 a.m.,” a Bank of America manager told staff in an email.
As of mid-afternoon Friday, among the largest U.S. lenders, only Bank of America and JPMorgan Chase were accepting applications for the program, which was supposed to go live shortly after midnight. JPMorgan’s site went live with a temporary version of its portal after 1 p.m. Further, Wells Fargo announced that it will be unable to accept applications on Friday.