Bank of America boasted that it was the first major financial institution (FI) to begin accepting applications for the federal $349 billion relief program on day one. As of mid-afternoon Friday, among the largest U.S. lenders, only Bank of America and JPMorgan Chase were accepting applications for the Paycheck Protection Program (PPP), which was supposed to be available after midnight.

The good news for business borrowers: If they use the loan to pay workers, it does not have to be repaid.

President Donald Trump signed the $2 trillion economic stimulus package in response to the coronavirus crisis one week ago, CNBC reported. The action came after the House ratified the stimulus bill by voice vote, two days after it was passed by the Senate.

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