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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I need this money!
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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.
Источник: NYMag - 🏆 111. / 63 Прочитайте больше »
Treasury preparing to seek more than $200 billion to replenish small business coronavirus programThe Treasury Department is asking for more than $250 billion to replenish a new small business loan program that's being quickly spent down. No more BAILOUT until we don't have an Account of how the $350 billion was spent. Did Ivanka suck up all the initial funds? China is responsible for a biological warfare corona
Источник: washingtonpost - 🏆 95. / 72 Прочитайте больше »
Report: Treasury Department Will Seek Another $200 Billion For Small Business Stimulus Loan ProgramThe Paycheck Protection Program under the CARES Act got off to a rocky start, and banks now are overwhelmed with demand for $349 billion in federal loan money. More money for the big shots! What about the citizens? How about these idiots remove the 25% tariff on china and small businesses would have 25% more in their pockets
Источник: Forbes - 🏆 394. / 53 Прочитайте больше »
After a frenzied rush to file for small business loans, entrepreneurs nervously wait on bank approvalsStrong demand for the small business relief program is “a really good sign for what the economy might look like 2-3 months from now,” Labor Sec. Eugene Scalia says. Joe come on.🙄 Is China back to normal? Had their stock market oversold like ours? China is also giving investors hope. How many are going to fold and never come bacK?
Источник: CNBC - 🏆 12. / 72 Прочитайте больше »
'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?
Источник: USATODAY - 🏆 100. / 63 Прочитайте больше »