Technical glitches, lender frustrations and lawmakers tweeting about their problems with the rollout overshadowed the first hours of a new loan program designed to help put millions directly into the hands of small business owners affected by coronavirus
In less than a week, the SBA, which handled just $28 billion in loans in 2019, stood up a platform to try and begin disbursing nearly $350 billion through an entirely new program Friday. But concerns about lender liability, glitches with the interface banks used to upload loan information and delayed participation by major banks all culminated into a rocky first few hours.
What small businesses need to know about the government's new forgivable loan programThe issues surrounding the rollout of the small business loan program are an early sign that efforts to quickly dole out funds from the massive $2 trillion stimulus are going to be rocky, including disbursement of direct payments to individuals and states having to disburse a record number of unemployment insurance claims.
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Stimulus aid for 'small business' will go to some big chainsThe $349 billion stimulus program intended to help small businesses survive the coronavirus shutdowns will be open to franchisees and other large employers, raising concerns that mom-and-pop businesses could get squeezed out.
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Swiss to expand emergency aid programme as coronavirus toll mountsSwitzerland is preparing more help for businesses flattened by the coronovirus epidemic, the government said on Wednesday, topping up the biggest economic aid package in Swiss history as the human toll mounted.
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Bank of America says 85,000 small businesses have asked for $22.2 billion in loans since 9 a.m.Bank of America is now accepting online applications for the government’s $350 billion small business relief program. “Speed is of the essence here for these types of small businesses,” CEO Brian Moynihan said this morning.
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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.
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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.
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Treasury makes coronavirus loan terms less favorable for small businessesThe Treasury Department raised interest rates on its Paycheck Protection Program loans for small businesses and reduced their payback period.
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