WASHINGTON: U.S. banks were girding on Monday for another chaotic dash to grab US$310 billion in fresh small business aid due to be released by the government, after it changed some of the rules of the first-come-first-served program at the 11th hour.
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 announcing that banks could submit a minimum of 15,000 applications in a one-off bulk file, leaving smaller lenders left to battle with the SBA's clunky online portal.