The Small Business Administration has announced today that smaller financial institutions would have until 11:59 pm tonight to submit their clients’ loan applications
High Achievers Vulnerable To Elder Financial Abuse Because They Can Mask Dementia, Their Egos Says Expertwhich passed April 24, 2020 and is known as the Paycheck Protection Program and Health Care Enhancement Act,
aimed to correct some of the distribution inequalities by setting aside $30 billion just for community lenders, small banks and credit unions. Another $30 billion is allocated for medium-sized banks and credit unions. Critics say that the bulk of the original package, which was created with the president’s signing of the Coronavirus Aid, Relief, and Economic Security Act Act and began accepting applications April 3, 2020, was wrongly doled out to big businesses via big banks and that companies who had access to other forms of capital were not who these loans were intended for.
“It's great that SBA has recognized that small lending institutions are struggling to get their applications in through the online portal system, but an eight-hour window announced the same day, when the time is after business hours seems a bit haphazard when we're talking about creating equity in access for struggling businesses under-banked communities,” says Amanda Ballantyne,In its press release, the SBA indicated that they, in conjunction with the Treasury, will evaluate if there...
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