That changed with Bank of America'sThe U.S.
That changed with Bank of America'sThe U.S. government has asked banks to help it dole out at least $350 billion in loans to small businesses, part of the $2 trillion coronavirus stimulus bill signed last week. But banks and industry groups haveto get online systems up and running until just hours before the deadline. That guidance was finally issued by Treasury around 7 p.m. Thursday, leaving banks scrambling to get their systems to accept loan applications.
"Having just received guidance outlining how to implement a $349 billion program literally hours before it starts, we would ask for everyone to be patient," Richard Hunt, head of the Consumer Bankers Association, said late Thursday in a statement, adding that the organization's members would "move heaven and earth to get a system in place and running to help America's small businesses and the millions of men and women who work at them.
Still, the website for JPMorgan, the biggest U.S. bank, told customers that "We aren't accepting applications for this program at this time. Check back for updates."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of America forecasts European recession, economy to shrink 8% - Business InsiderThe banking titan warned that policymakers may not be going far enough in their efforts to stimulate growth.
Read more »
Bank of America slashes US economic forecasts amid coronavirus - Business Insider'The deepest recession on record': Bank of America slashes forecasts, now sees up to 20 million jobs lost, 15.6% unemployment, and a shrinking economy for 3 straight quarters
Read more »
Bank of America shifting some employees' roles amid coronavirus - Business InsiderBank of America is shifting around 3,000 employees, including trainee financial advisers, to handle surging customer calls as part of its coronavirus response
Read more »
Citigroup CEO Michael Corbat says bank is 'working around the clock' on small business relief programLenders, who are being paid fees to administer the program on behalf of the Small Business Association, will face pressure to execute the program smoothly.
Read more »
Trump vows small business rescue will launch despite bank backlashEven as lenders such as JPMorgan Chase said they most likely wouldn't be prepared to offer the government-backed loans, President Trump said at the daily coronavirus press briefing that the so-called Paycheck Protection Program 'is launching tomorrow.'
Read more »
Fed's Eric Rosengren said the central bank 'acted quickly' as markets froze upNevertheless, Rosengren said the coronavirus will continue to hit the economy, particularly employment.
Read more »