Coronavirus: Trump loans being delayed by red tape as poll finds quarter of small businesses will close permanently in two months

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. When asked what proposals might offer the most relief, small businesses indicated support for three key provisions included in the recently enacted Coronavirus Aid, Relief, and Economic Security Act : 56 per cent of small businesses say direct cash payments to Americans would be the most helpful form of aid from the government. “American banks will be on the front lines to help businesses survive during this pandemic.” Friday sees the launch of the $350bn lending program to help small businesses struggling with the impact of coronavirus. Mr Mnuchin and Small Business Administrator Jovita Carranza joined President Donald Trump at his daily press briefing on Thursday to encourage small business owners to apply for loans ahead of applications beginning on Friday. Rob Nichols, CEO of the American Bankers Association, commented: “We should all remember that this is an unprecedented expansion of SBA lending that will take some time before it’s fully functioning.” A White House official told Politico: “The White House, in coordination with Treasury and SBA, is in constant contact with the country’s banking industry and has hosted dozens of calls and meetings in the run-up to the launch of the Paycheck Protection Program.” “It is important to keep perspective of the unprecedented nature of this crisis and the rate to which we all need to act to provide immediate, much-needed, relief to America’s small businesses and workers,” they added.