Q: Can a bank put a minumum limit on a govt loan? I called other banks and no one else has a minimum limit on the PPP loan
I tried to escalate the question with my bank and recieved no response. I believe they are unlawfully applying rules to prevent small buisnesses from applying for the loan. A manager friend at Bank of America informed me there should be no minimum limit. I also called another bank down the street from me and they had not heard of limits like this being put on these COVID 19 loans
A: All banks are different; and many of the larger banks will not fool around with tiny business loans. Why? Because it costs them the same amount of money to do all the paperwork for tiny loans as it does for larger loans. Keep calling, primarily to the smaller banks in your area.
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