Business owners left out as lending program goes on hold
4 years, 8 months ago

Business owners left out as lending program goes on hold

Associated Press  

NEW YORK — The government’s lending program for small businesses is tapped out, leaving business owners who still need loans waiting for Congress to approve more funding. The Small Business Administration said Thursday that it reached the $349 billion lending limit for the program, after approving nearly 1.7 million loans. Thousands of small business owners whose loans have not yet been processed must now look to Congress to approve a Trump administration request for another $250 billion for the program. Democrats like House Speaker Nancy Pelosi of California are With the stalemate, the business payroll subsidy program likely won’t get funding until next week at the earliest.

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History of this topic

New Harris small business push: Easier rules for loans
3 months, 2 weeks ago

New Harris small business push: Easier rules for loans

Politico  

Harris has served as a key spokesperson on small business initiatives throughout the Biden administration, including earlier moves to ease lending rules that triggered a bipartisan backlash on Capitol Hill. “The Biden-Harris administration at the SBA, throughout this entire administration, has really doubled down on simplification of our products for expansion purposes, to help more small businesses access the affordable …

Amid delays, small businesses desperately await PPP loans
3 years, 10 months ago

Amid delays, small businesses desperately await PPP loans

CNN  

CNN Business — Last year, Barbara Thigpen had a difficult choice to make: close her salon of 10 years, or dip into her son’s college fund. But those funds are taking longer to get to small business owners due to additional compliance checks and the recent release of new rules governing how small business owners should apply for the loans, …

Small Business Loans Site Crashes On First Day Of Reopening
4 years, 8 months ago

Small Business Loans Site Crashes On First Day Of Reopening

NPR  

Small Business Loans Site Crashes On First Day Of Reopening Enlarge this image toggle caption Olivier Douliery/AFP via Getty Images Olivier Douliery/AFP via Getty Images Small businesses, already hammered by the coronavirus pandemic, can't seem to catch a break. On the first day of the reopened Paycheck Protection Program, a key lifeline from Congress, banks are reporting that the Small …

$310B for small business loans likely spoken for, banks say
4 years, 8 months ago

$310B for small business loans likely spoken for, banks say

Associated Press  

NEW YORK — Small business owners still applying for loans under the government’s coronavirus relief program may end up disappointed — the $310 billion being added to the program may already be spoken for. Banking industry groups say the volume of applications already sent to the Small Business Administration makes it likely that much, if not all, the new money …

3 takeaways from AP review of small-business loan program
4 years, 8 months ago

3 takeaways from AP review of small-business loan program

Associated Press  

Small businesses have, like much of the U.S. economy, been walloped by the coronavirus. Key takeaways from an AP review: A RANGE OF RECIPIENTS About 1.6 million businesses received $349 billion worth of loans before the initial fund ran out last week. By combing through thousands of regulatory filings, the AP found that at least 94 publicly traded companies or …

Company With Ties To Trump Receives Millions From Small Business Loan Program
4 years, 8 months ago

Company With Ties To Trump Receives Millions From Small Business Loan Program

NPR  

Company With Ties To Trump Receives Millions From Small Business Loan Program Enlarge this image toggle caption Alex Brandon/AP Alex Brandon/AP While many small businesses have found it difficult or impossible to get one of the Small Business Administration's Paycheck Protection Program loans, a company owned by a prominent Chicago family with close ties to the Trump administration was able …

Government loans start flowing to small businesses
4 years, 9 months ago

Government loans start flowing to small businesses

Associated Press  

NEW YORK — The flow of money to small businesses under the government’s $349 billion coronavirus relief plan is picking up momentum although many company owners are still waiting and wondering. Money that was held up by technological and legal issues and the sheer volume of applications began arriving in companies’ bank accounts at the end of last week. The …

With Survival At Stake, Small Business Owners Frustrated By Aid Delays
4 years, 9 months ago

With Survival At Stake, Small Business Owners Frustrated By Aid Delays

NPR  

With Survival At Stake, Small Business Owners Frustrated By Aid Delays Enlarge this image toggle caption Win McNamee/Getty Images Win McNamee/Getty Images Greg Hunnicutt has almost entirely shut down his Houston-based construction business. He reached out to NPR on Friday, when the Small Business Administration's coronavirus crisis lending program opened. Business problems with banks Hunnicutt is one of dozens of …

Small business relief program launches, hits snags
4 years, 9 months ago

Small business relief program launches, hits snags

Associated Press  

NEW YORK — The federal government’s $349 billion relief program for small businesses got off to a rocky start Friday as hundreds of thousands tried to apply for desperately needed loans. Once the bank handles the application, it goes to the Small Business Administration, which said Friday afternoon that it had approved more than 12,460 loans valued at $3.9 billion. …

Coronavirus: Trump loans being delayed by red tape as poll finds quarter of small businesses will close permanently in two months
4 years, 9 months ago

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

The Independent  

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 …

The Coronavirus Small Business Loan Program: What You Need To Know
4 years, 9 months ago

The Coronavirus Small Business Loan Program: What You Need To Know

NPR  

The Coronavirus Small Business Loan Program: What You Need To Know Enlarge this image toggle caption Suzanne Kreiter/Boston Globe via Getty Images Suzanne Kreiter/Boston Globe via Getty Images Starting today, small businesses can apply for the nearly $350 billion in loans available through the economic rescue plan from Congress. Indeed, on Friday, Bank of America's website said the program was …

SBA loan program glitches reveal challenge in rolling out billions in coronavirus aid
4 years, 9 months ago

SBA loan program glitches reveal challenge in rolling out billions in coronavirus aid

CNN  

Washington CNN — Technical glitches, lender frustrations and lawmakers even live tweeting their own problems with Friday’s rollout overshadowed the first hours of the Small Business Administration’s Paycheck Protection Program, the new loan program that was designed to help put millions directly into the hands of small business owners affected by coronavirus. RELATED: What small businesses need to know about …

Small Businesses Face Extinction-Level Event, Congress Ensures Big Corporations Survive
4 years, 9 months ago

Small Businesses Face Extinction-Level Event, Congress Ensures Big Corporations Survive

Huff Post  

LOADING ERROR LOADING America’s small businesses may not survive the economic shutdown enacted by federal, state and local governments to stop the spread of the coronavirus — and Congress’ $2.2 trillion relief passage is unlikely to save them. Not Enough Money For Small Businesses Peck's Food owner Theodore Peck stands outside his closed business on March 18, 2020, in Brooklyn's …

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