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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mnuchin says small business rescue loans launch Friday, despite lender confusionU.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a $349 billion coronavirus rescue loan program for small businesses, after conceding to bank demands to fix aspects of the program that they said could cause participating lenders legal and financial risks. That’s not going to happen says the 4 banks! Funny how in the US provided loans are paying staff they will be forgiven. Here they have no interest limits. Banks first people irrelevant just as always.
Source: Reuters - 🏆 2. / 97 Read more »
Mnuchin says small business rescue loans launch Friday, despite lender confusionU.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a $349 billion coronavirus rescue loan program for small businesses, after conceding to bank demands to fix aspects of the program that they said could cause participating lenders legal and financial risks. That’s not going to happen says the 4 banks! Funny how in the US provided loans are paying staff they will be forgiven. Here they have no interest limits. Banks first people irrelevant just as always.
Source: Reuters - 🏆 2. / 97 Read more »
Column: Here's how one L.A. business owner is navigating government help for coronavirusHe's the co-owner of two very different small businesses — the Larchmont neighborhood’s Chevalier’s Books and Felix Chevrolet in downtown Los Angeles. Columnist hiltzikm explains how one L.A. business owner is navigating government help for coronavirus: hiltzikm Frontem do klienta
Source: latimes - 🏆 11. / 82 Read more »
Dire feelings on Main Street on eve of small business lending program launchWhile small business advocates are hopeful about the program, questions do remain about the loan volumes expected and the readiness of all parties in getting this up and running tomorrow. What are the people in this country? No business can survive without customers? Take care of the people!!!
Source: CNBC - 🏆 12. / 72 Read more »
Small Business Loan Program Makes Bumpy StartThe government's $350 billion small business loan program got off to a rocky start Friday, with some of the nation’s biggest lenders saying they weren’t yet able to process loan applications Maybe I should find out just how little they told you. too much complications
Source: WSJ - 🏆 98. / 63 Read more »