Since 1982, the Small Business Administration's 7(a) program has been restricted almost entirely to banks and credit unions. A proposed rule would open the floodgates to fintech lenders.
Bank of America says the charges are for accrued interest. Small business owners haven’t received any notice about how much they owe or the schedule for paying it back.
More than a million government-approved loans ended up being canceled, including some that would have gone to people who needed the loans and applied ju.