How the $349 billion PPP relief program for small businesses unraveled - Business Insider

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America's small-business owners hoped a $349 billion lifeline from Washington would pull them through the pandemic. Here's the inside story of how its launch spectacularly unraveled in 24 hours.

that Bank of America quickly denied him funds to help pay his employees, despite his being a business customer there for 17 years.

Business Insider spoke with experts and business owners, pored through reports from our newsroom and other media sources, and stayed glued to the grumblings of exasperated entrepreneurs across social media to piece together a troubling puzzle: how a much anticipated federal-relief program floundered so spectacularly in 24 hours, leaving the bedrock of America's economy without aid or hope just when both were most needed.

Treasury Secretary Steven Mnuchin set a big date on the calendar: Small-business owners would be able to visit their usual banks or fintech platforms to apply for funds on April 3 — barely a week after the bill was signed into law.Red flags mount days before PPP opens to public Revised guidance from the Treasury released late on Tuesday, March 31, further infuriated banks and created a melange of shifting rules that added to the confusion of the short timeline.

 

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The Small-Business Loan Program Crashed in the First Week It Was UpThe rollout of the $349 billion program is already causing headaches for the Trump administration. But we’ll never know more, because Trump thinks these re nasty questions.
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'A stampede': Marco Rubio says non-stop demand for small business rescue program is straining capacity'What's happened in the first few days is you have a stampede going on at banks and other lenders with small businesses afraid to get shut out before the program runs out of money, so we want to take away some of that anxiety.' Little Marco can thank his Party for this havoc Stampede for what? Hydro-chloroquine?
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