The Federal Deposit Insurance Corp. logo is displayed outside of the agency's headquarters in Washington, D.C., U.S., on Wednesday, Sept. 9, 2009. The FDIC proposed a six-month, emergency-only extension to its debt guarantee program as regulators move to wean companies from federal aid approved at the height of last year's credit crisis. Photographer: Andrew Harrer/Bloomberg
First State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years.
BofA offers emergency loans to borrowers first, freezing out depositors
The decision sparked outrage from small-business owners who have checking accounts with the bank but not loans or business credit cards. Bank of America started taking applications Friday for a $349 billion program that's intended to offer aid to small businesses suffering from the shocks of the coronavirus pandemic.
Confusion, inconsistency mar rollout of small-business loan program
Banks, under pressure to act hastily, began taking applications for government aid to small businesses hit hard by the coronavirus outbreak. But narrow eligibility rules at some banks angered business owners and lawmakers.
Emergency loan program could run out of money in early June: Rubio
Sen. Marco Rubio, R-Fla., said that $349 billion will likely not be enough meet loan demand from small businesses seeking a lifeline to help them weather the economic downturn brought on by the coronavirus outbreak.