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U.S. Fed launches program to support small business loans

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United States President Donald Trump says tens of thousands of small businesses have applied for more than $40 billion in relief. coronavirus

"It's really been performing well," the president said during his daily coronavirus press briefing.

Banks complained that they did not receive detailed guidance on how to manage the process while borrowers were left in limbo.White House economic advisor Larry Kudlow said on Monday there were 130,000 loans totaling $38 billion from 2,400 lenders. "Nearly 48 hours after the program went live, hundreds of lenders are still trying to get approval to access the SBA system so they can process loans," ICBA president Rebeca Romero Rainey wrote in a letter to the agencies.

Rainey also called for increased funding for the lending program, saying the $349 billion"is frankly inadequate for the magnitude of need in the American small business community and is likely to run out quickly."

 

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