Treasury Secretary Steven Mnuchin touted early data in a series of Twitter posts. Around 2 p.m., he said more than $1.8 billion in loans had been processed "mostly all from community banks."
But for many banks it was too late to launch the program Friday morning, the deadline set by Mnuchin that many lenders called unrealistic. And while the new guidelines offered relaxed loan-verification rules, they were still structured in such a way that banks would have the easiest time offering loans to existing borrowing customers that had previously been vetted.
Many banks had started gathering borrowers' information in the days leading up to the launch. On Friday, some were taking a cautious approach and processing a small number of loans to see how the system held up. "We have gotten in and we have tested one application and gotten an approval," he said. "Many bankers however are not even able to access E-Tran. There have been many technical issues."
How to fix this? I know! Call in Jarrod..
It’s a messy mess, this government royally screw it up
To sums up: Bank of America requires a customer to have business debt for a PPP The EIDL grant isn’t really $10K. Some are as small as $1k Nobody has received a stimulus check Nobody has received the extra $600 dollars under the cares act This needs to be a much bigger story.
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