The Coronavirus Small Business Loan Program: What You Need To Know

In addition, some banks initially said that they might not want to participate because of unattractive loan terms laid out by the SBA. The Independent Community Bankers of America sent a letter this week to SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin laying out its concerns, one of which was the low 0.5% interest rate initially set by the SBA, even though the act said interest rates could be as high as 4%.

"Community bank lenders cannot 'break even' with such a low rate of interest, and for many it will not be economic or feasible to participate in the program," wrote ICBA CEO and President Rebeca Romero Rainey. At a Thursday White House press briefing, Mnuchin said the interest rates would now be set at 1%, citing some small banks' concerns.Here's what we do know: Friday is when the program opens. Administration officials have said they're hopeful that businesses will be able to apply for and get their money within the same day. Whether that is feasible will quickly become clear once things get rolling.

It’s going to take 5 months!!!

Small businesses have to get loans Big businesses get bailed out Hmmmmm

Thanks Trump 😁

Hedge funds are small businesses. Someone, please follow the money.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Stimulus aid for 'small business' will go to some big chainsThe $349 billion stimulus program intended to help small businesses survive the coronavirus shutdowns will be open to franchisees and other large employers, raising concerns that mom-and-pop businesses could get squeezed out. SME’s are lifeline of our 🌍. Save them Save Jobs This is a lie, it’s focused toward businesses with 500 or less employees. Where the freak do you see mom and pop stores being left out I’m not sure who needs to hear this... but he doesn’t give a fuck about you or I.
Källa: AP - 🏆 728. / 51 Läs mer »

Bank of America's small business loan portal is up, making it the first major bank to begin relief program“What we’re doing here is keeping people employed, keeping doors open,” House Minority Leader Kevin McCarthy says about the $350 billion small business relief program. It is a Hoax right Joe? This is the worst season of The Apprentice ever...well maybe not the season with Meatloaf...that was really bad. Kevin McCarthy needs to resign.
Källa: CNBC - 🏆 12. / 72 Läs mer »