Giant small business program poses herculean challenge for US banks

A shopping mall parking lot sits empty in East Garden City, New York in March 2020New York - After laying off almost all of his workforce across seven stores, Legacy Toys owner Brad Ruoho sees a path to rehiring them only if the new $350 billion US small business lending program performs as promised.

There are also questions on everything from bank money laundering rules to how fast loans could be issued from lenders not previously part of the SBA programs. On top of that were nitty-gritty details about forms and documentation. "But it is helpful to have clear information so you don't have the expectation that the money is going to come right away."A linchpin of the newly enacted US relief bill is a $349 billion Paycheck Protection Program, which provides forgivable loans to small businesses that retain their workers or rehire laid-off employees by June 30.

At a press briefing Thursday night, US Treasury Secretary Steven Mnuchin said the government had doubled the interest rates on the loans to one percent following complaints from small banks and insisted the program would be"up and running tomorrow."As of 1800 GMT, Bank of America had processed nearly 60,000 applications.

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