Businesses ready for Paycheck Protection Program, but banks aren’t
A key part of the U.S. government’s $2.2 trillion economic stimulus plan is stumbling out of the gate, as tens of thousands of small business owners scrambled to figure out how to tap desperately needed rescue loans.
Friday was the first day employers could apply to the Paycheck Protection Program, which is aimed at helping small businesses retain workers and pay bills during the novel coronavirus pandemic. But the effort is off to a slow start, with over the process.
Despite a deluge of applications, $4.3 billion in loans — or just 1.1% of the funds available under the $359 billion program — had been approved as of Friday evening, according to a tweet from the head of the SBA. Toward the close of business for the day, only four of the nation’s 10 largest lenders …continued .
[Source: CBS News]