Small business rescue stumbles in relaunch

The relaunch of the federal government's massive small business rescue faltered Monday, with banks reporting they were unable to move forward with a backlog of hundreds of thousands of loan applications amid widespread technical hurdles.

The rescue is under intense scrutiny after several large companies with access to financial markets were able to secure tens of millions of dollars from big banks in the first wave. "It’s like running to grab your toys on Christmas morning and Santa Clause closed the bag," said Cynthia Blankenship, vice chair and corporate president of Bank of the West in Grapevine, Texas. "Sad."

"Our member banks across the country are deeply frustrated at their inability to access @SBAGov's E-Tran system," American Bankers Association CEOMonday afternoon. "We have raised these issues at the highest levels. Until they are resolved, #AmericasBanks will not be able help more struggling small businesses."

Did Trump order 'problems' for small business so his big, publicly traded companies get first crack at mega millions?

Why are the banks administrating PPP and collecting 1% - 5% fees for it? The IRS has businesses taxes ID number, it can send the money itself. This is so inefficient.

😷 Shake Shack - $2 million AutoNation - $77 million LA Lakers - $4.6 million All returned the $$$ AFTER they were caught accepting. 'Millionaire Windfalls Buried In The CARES Act'

Sadly, of course it did. Trump’s cabinet is stuffed with cronies and financial supporters. Who could of predicted that competency in their field of responsibility actually matters ? 🙄

amazing how those technical hurdles didn't exist when tossing out money to their friends

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