DEVELOPING: 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.
Small businesses say they needed the money yesterday and are hoping for quick relief — and millions are expected to apply on the first day. However, checks might not start going out for a week or more.
"We're now hearing from bankers that they may not want to get into the program because the law doesn't have a whole lot of specifics in it, yet the phone lines are jammed with business owners begging for loan applications," Brower said. Banks"don't know what the rules are, and they're afraid if they lend money to someone they shouldn't have, they'll be required to pay it back to the government.
On Thursday, Democratic presidential candidate Joe Biden drew attention to the potential administrative issues of the coronavirus relief package. He pressed the administration to get loans out quickly and not just to"the well-connected" or a few"splashy" examples.
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