On first day, small business loan application process plagued with problems

The latest news and biggest developments to keep you informed about the deadly pandemic.

But across the U.S., at banks big and small, the program is simply not yet operational. And experts said it would be a week before the program was fully up and running.Wells Fargo stated on its website Friday, “Financial institutions like ours continue to receive program implementation guidance from the SBA and the U.S. Treasury. Unfortunately, as a result, Wells Fargo will not be able to start accepting applications on Friday, April 3rd.

One source said there have also been security concerns with the portal that are currently being addressed.Pedestrians walk past a branch of Bank of America in New York City.Despite Bank of America Chairman and CEO Brian Moynihan touting his institution’s success in standing up its program in record time -- telling CNBC that the bank has taken in 10,000 applications as of Friday morning -- much ire was directed at the bank online and by one powerful Senate committee chairman.

A "Closed" sign hangs in the window of a phone repair shop at The Plaza at Harmon Meadow in Secaucus, New Jersey, April 2, 2020. "They are purposefully denying us this Paycheck Protection Program opportunity so they can profit by selling us their loans," Slaughter said.

But realDonaldTrump just told Citizens BankofAmerica issued $3,500,000,000 in PPP loans today. Is that MoreLies from the LiarInChief

Well get ready for how socialism works... it’s all about “the wait”.

abc is plagued with vomiting fake news daily 🤮

stevenmnuchin1 looks like BOA is looking for profit not to help small businesses? Is this another way for the TrumpCrimeSyndicate to make money?

Let Americans go back to work! We can practice social distancing while we work. The virus kills, but so do millions of lost jobs. The solution is becoming worse than the problem. We need smart policy, not thoughtless suspension of our God given rights.

Relax! Keep logging in. Thousands are doing the same. No system can handle all of that at once.

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Bank of America's small business loan portal is up, making it the first major bank to begin programExcellent performance by this first-rate bank. Well done to all involved. matthewstoller never. Come on jpmorgan. Be patriots and do what's right.
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U.S. small business bailout starts Friday. Is the government ready?Chris Hurn, founder of Fountainhead Commercial Capital, has received 7,400 small business loan requests in the past two weeks, more than his business has handled in its five years of existence. 🤣🤣🤣 Yeah, they start Friday... But no one will have money until later in the month. So that's fking moot. First off, how do they define smallbusiness
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Mnuchin says small business rescue loans launch Friday, despite lender confusionU.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a $349 billion coronavirus rescue loan program for small businesses, after conceding to bank demands to fix aspects of the program that they said could cause participating lenders legal and financial risks. That’s not going to happen says the 4 banks! Funny how in the US provided loans are paying staff they will be forgiven. Here they have no interest limits. Banks first people irrelevant just as always.
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Dire feelings on Main Street on eve of small business lending program launchWhile small business advocates are hopeful about the program, questions do remain about the loan volumes expected and the readiness of all parties in getting this up and running tomorrow. What are the people in this country? No business can survive without customers? Take care of the people!!!
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