🚨Banks are warning that a $350 billion small business lending program won't work as advertised when it launches Friday. They say the Trump administration set unrealistic expectations and has failed to give banks what they need to issue the loans
This is worrying. I mean, everything is worrying right now, but this is worrying in the very specific ways I am paid to worry about. Banks are saying the small business lending program supposed to launch tomorrow isn't ready for prime time.
Banks warn that a $350B lending program for struggling small businesses won't be ready when it launches Friday because the Trump administration has failed to provide them with the necessary guidelines and set requirements for the loans that are unworkable
Nobody could have predicted that administration incompetence might derail a key part of the economic rescue program
There is a government agency out there that receives quarterly payments from businesses, knows a lot about their income, maintenance costs, payroll, etc., and can quickly send money by direct deposit Not sure what was the point of going through banks
And then there’s the economic fallout. Banks aren't ready for today's launch of the $350B small business lending program because they need clear guidance from the Trump admin. Small businesses need the govt to do a lot more so they survive this crisis.
Banks are warning that the small business lending program is a hot mess right now
I'm not sure this small business payroll protection program is going to work very well...
Banks warn of chaotic launch of small business lending program "Yet banks not only have operational and technical questions... about the degree to which they'll be responsible for verifying borrower information" payments are easy identity is hard (AGAIN)