President Trump on Tuesday touted the 'amazing' numbers of emergency small business loans being issued — even as anxious lenders warned that the administration was leaving scores of their customers in limbo
Congress created the program to channel aid to struggling small businesses through government-backed loans that can be forgiven if employers maintain their payrolls.The administration relaunched the effort Monday with $320 billion in new funding that Congress approved last week after an initial $350 billion was exhausted April 16. The Small Business Administration, which is running the program, said that as of 1 p.m.
The SBA announced the policy Sunday as it prepared for a deluge of hundreds of thousands of applications, which threatened to overwhelm its already unstable systems with unprecedented demand. Banks went along with the policy, despite earlier preparations they had made to enter loans into the SBA's system.
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