The Small-Business Loan Program Crashed in the First Week It Was Up

United States News News

The Small-Business Loan Program Crashed in the First Week It Was Up
United States Latest News,United States Headlines
  • 📰 NYMag
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 63%

The $349 billion program is already causing headaches for the Trump administration

We’ve removed our paywall from essential coronavirus news stories. Become a subscriber to support our journalists. Subscribe now.

In his Friday the 13th coronavirus press conference in which the president shook the hands of several guest CEOs, President Trump announced that his administration would soon create a website to help Americans throughout the country access COVID-19 tests; designed by Google, it would be “unlike websites of the past.” Despite the apparent dig at the rollout of healthcare.

While Bloomberg reported that several banks were not able to register in that time period, larger problems still exist in the program: Though Amazon Web Services was brought in last week to provide cloud-computing infrastructure to help get the project up and running, it is still not finished.

Payroll is a major question to be left hanging at this point, considering that the $349 billion Paycheck Protection Program was designed to inject money into small businesses so that they wouldn’t have to fire employees during the economic crisis.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

NYMag /  🏆 111. in US

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.

Small business owners stuck in loan limbo as new government programs stumbleSmall business owners stuck in loan limbo as new government programs stumble'Most Americans think this is all rolling out and checks are flowing based on what the White House is saying,' one small business owner said, adding: 'But we're hanging on by a thread.'
Read more »

Big Banks Favor Certain Customers in $350 Billion Small-Business Loan ProgramBig Banks Favor Certain Customers in $350 Billion Small-Business Loan ProgramThe big banks’ decision to focus on existing customers could hurt smaller and minority-owned businesses that are less likely to have accounts with them, as well as businesses in rural areas where they have fewer branches
Read more »

How to Apply for a Small Business Loan Through the Coronavirus Stimulus PackageHow to Apply for a Small Business Loan Through the Coronavirus Stimulus PackageThe $2 trillion stimulus package allocates $350 million for the Paycheck Protection Program.
Read more »

U.S. banks grapple with system glitches, paperwork snags as small-business program ends fourth dayU.S. banks grapple with system glitches, paperwork snags as small-business program ends fourth dayThe U.S. government's $350 billion small-business rescue program was plagued by paperwork and technical issues as it lurched to the end of a fourth day on Monday, with some banks experiencing major glitches with the processing system, according to industry groups, bankers and an email seen by Reuters.
Read more »

Big Restaurant, Hotel Chains Won Exemption to Get Small Business LoansBig Restaurant, Hotel Chains Won Exemption to Get Small Business LoansWhile the new $350 billion Paycheck Protection Program is aimed at businesses with 500 or fewer employees, big restaurant and hotel chains can participate regardless of how many people they employ.
Read more »

Google and Facebook will offer small businesses ad credits and grants - Business InsiderGoogle and Facebook will offer small businesses ad credits and grants - Business InsiderGoogle and Facebook will offer small businesses who advertise with them, and some news publishers, some relief in the form of ad credits and grants.
Read more »



Render Time: 2025-03-04 17:45:00