The federal 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, frustrating business owners struggling to stay afloat.
“It’s frustrating,” said Chip Grabow, the owner of Radio Roasters Coffee, a specialty coffee roasting company in Decatur, Ga. Mr. Grabow scrambled this week to gather the documents he needed to apply for a loan, but isn’t sure when his bank, JPMorgan Chase & Co., will...
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:
BankofAmerica and other banks are purposely only funneling PPPloan fund to debt holders, to avoid defaults on their payments. All banks are prioritizing debt holders to receive PPPloan funds first, and help avoid defaults.
If the businesses are still on lockdown, how are the disbursed loans to be applied to business?
😭
That said, Bank of America requires that you have a business credit card and business loan with them to get PPP. We have been business and personal clients for many years and now get basically shut out.
'Gotcha moments' have replaced actual journalism. Hacks
Yep hey WellsFargo still waiting ugh! Customer since 1992...come on!!!
Biggest lenders are so full of it. They CAN process.
Well that sucks banks. Get your shit together or get out of the way. 🤔
If a small business is failing, why would they take out a loan to continue failing?
too much complications
Maybe I should find out just how little they told you.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Coronavirus Small Business Loan Program: What You Need To KnowCongress has made $349 billion available in loans to small businesses, much of which may be forgivable. Here's what to know about how this might work for your small business. Hedge funds are small businesses. Someone, please follow the money. Thanks Trump 😁 Small businesses have to get loans Big businesses get bailed out Hmmmmm
Source: NPR - 🏆 96. / 63 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 »
Banks warn of ‘utter chaos’ in new small business lending programDEVELOPING: As millions of small businesses anxiously await their slices of a $350B relief program, major banks are still awaiting guidance from the Treasury Dept. — and some still haven't even decided whether they will participate. All this could have been avoided if the federal government just sends monthly payments until America is open for business. Why do we have to make things so damn complicated? $2000 per adult $500 per dependent child. It is THAT simple. Mnuchin said banks required higher interest rates to participate. Trump is not a leader. Trump is a moron. I love well thought out plans
Source: NBCNews - 🏆 10. / 86 Read more »
Bank of America's small business loan portal is up, making it the first major bank to begin programExcellent performance by this first-rate bank. Well done to all involved. matthewstoller never. Come on jpmorgan. Be patriots and do what's right.
Source: CNBC - 🏆 12. / 72 Read more »
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.
Source: CNBC - 🏆 12. / 72 Read more »
'It's not enough' — Pelosi wants more small business loans, direct payments and unemployment benefits“We need a 4th bipartisan bill.” House Speaker Nancy Pelosi calls for more coronavirus relief, after the historic $2 trillion stimulus package was signed last week. “It’s not enough.” I’m not a Berner but need to think about healthcare/ health insurance as well Well Congress controls the purse 🤷🏻♂️ Wow. She sounds HORRIBLE. She is stuttering her words.. he voice sounds horrible
Source: CNBC - 🏆 12. / 72 Read more »