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$22 Billion in US Gov't guaranteed loan applications on day 1 of the process for BoA.

Manuchan said at a recent Covid presser, 'the treasury was raising the interest rate to 1%, to make these loans more attractive to the banks'.
So as yourself a Question...

Why would BoA decline any 100% gov't guaranteed loan where they are getting 1% in free money?

What is 1% of $22 Billion?
Yet of the 88K applications under paycheck protection, BoA turned down >80% of the guaranteed loans because small business applicants had no previous business loan or credit card with BoA.

So roughly BoA turned down $150+ Million in interest margins?

Why? Reconcile!
I just saw @unseen1_unseen's tweet... This is what I'm saying...
Here is the statement from Sec. Mnuchin concerning the 1% interest rate for the banks... Free money, just for processing the loans.
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