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U.S. banks in another mad grab for $310 billion in new small-business aid

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U.S. banks on Monday began another chaotic dash to grab $310 billion in fresh small-business aid released by the government, after 11th-hour changes to the first-come-first-served program led to technology issues for some lenders.

FILE PHOTO: House Speaker Nancy Pelosi delivers remarks before signing H.R. 266, the Paycheck Protection Program Healthcare Enhancement Act, an additional economic stimulus package that passed earlier in the week by the U.S. Senate, during a signing ceremony on Capitol Hill as the coronavirus disease outbreak continues, in Washington, U.S., April 23, 2020. REUTERS/Tom Brenner /File Photo

Rob Nichols, chief executive of the American Bankers Association, the country’s largest bank trade group, tweeted that bankers were “deeply frustrated” with the technology issues that he had raised “at the highest levels.” He added it would be “very challenging” for anyone who has not already applied for a loan to successfully do so this week.

On Sunday, the SBA said it would try to mitigate that problem by allowing banks to submit a minimum of 15,000 applications in a one-off bulk filing, leaving smaller lenders pushing applications through E-Tran one by one. Around Monday lunchtime, the SBA said it would lower that threshold to 5,000 and imposed a submission deadline of Monday, 9 p.m. EDT.

 

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Not a bail out just another screw you loan

Trump in action !!! Destroying everything around him. In real Dictator-style. Cry me a river America... 🥺😩😭

Money goes to small businesses, not for the healthcare sector ! What so important to the US government is the business ! Shame

This kind of stupid mad dash to the money will not help the overall economy. realDonaldTrump SpeakerPelosi

If only there was an IG overseeing this money, instead of a couple of Trump's trick poodles. realDonaldTrump

What is she trying to measure ?

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U.S. banks gird for mad grab of another $310 billion in new small business aidU.S. banks on Monday began another chaotic dash to grab $310 billion in fresh small business aid released by the government, after it changed some of the rules of the first-come-first-served program at the 11th hour. The US makes more money when we all sit at home. Let’s switch to UBI, sit back, and see how high the debt can actually go!!! Is she giving away pens again? Its interesting watching how much Americans will tolerate. One day...one day it will click that every dollar the government doesn't spend on them is B*******! Taxes = People's money.
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