Bank of America’s Efforts to Support Our Local Community
As of Friday, May 8, Bank of America has received SBA approval for loans to more than 294,000 small businesses for more than $26 billion in relief under the program. This includes more than 70,000 for over $5 billion in California and nearly 1,600 for approximately $144,000,000 in Napa, Marin, and Sonoma Counties. Bank of America was the first major financial services institution to begin executing on the PPP on April 3, and continues to take and process applications through the program. According to SBA data for phase 2 of the program, Bank of America is the number one PPP lender.
Of their SBA applications to date,
- 98% are for companies with fewer than 100 employees.
- 80% are for companies with fewer than 10 employees.
- 95% are for less than $350,000.
- 83% are for less than $100,000.
- 23% are from low-to-moderate income (LMI) neighborhoods.
While no fees related to the PPP have been received from the SBA, net proceeds related to PPP fees will be dedicated to support small businesses and the communities and nonprofits Bank of America serves.
In addition to lending through PPP, they continue to provide support to clients, communities and teammates, including over 350 employees right here in this region.
- Announced additional support for our 66 million Consumer and Small Business clients on March 19, before the CARES Act and federal relief programs began. Since that time, our Client Assistance Programs have provided more than 1.6 million deferrals of mortgages, credit card and auto loans;including 175,000 mortgage deferrals. All foreclosure sales and car repossessions that have been paused. Over 250,000 payment deferrals have been provided in California.
- Processed more than 12 million government assistance payments (Economic Impact Payments) for our clients, totaling $20 billion.
- Providing $250 million in capital and $10 million in philanthropic grants to community development institutions (CDFIs) and minority depository institutions (MDIs), to help extend our ability to lend to more small businesses in our communities.
- Committed an additional $100 million in philanthropy to local communities to purchase medical supplies, food and other priorities, which is in addition to the $250 million provided to nonprofits each year. To help address immediate needs exacerbated by the Coronavirus across the North Bay, Bank of America has so far directed $255,000 in grants to 23 local nonprofits addressing the immediate needs of hunger and emergency housing, healthcare, and remote-learning capabilities for area students.
- purchased and donated nearly 4 million personal protective masks.
- hired 3,800 new teammates since this crisis began and reconfirmed our commitment to providing jobs for 3,000 college interns and students scheduled to join our company this summer.
- And, their CEO announced to our 208,000 employees worldwide that we will not do layoffs or job reductions in 2020 as a result of coronavirus impacts.
They are working closely with clients and local leaders on building the path forward, consistent with their long-term commitment to the success of the North Bay and California, as well as the well-being of all who live and work here.
