Investing

Inside banks’ efforts to unleash $350 billion lifeline for businesses

0


Steven Mnuchin, U.S. Treasury secretary, right, speaks beside U.S. President Donald Trump during a Coronavirus Task Force news conference in the briefing room of the White House in Washington, D.C., U.S., on Tuesday, March 17, 2020.

Kevin Dietsch | Bloomberg | Getty Images

Banks are scrambling to process a growing backlog of applications for the U.S. program designed to funnel at least $350 billion in relief to small businesses struggling during the coronavirus pandemic.

Massive demand for the program in its first week has been met with several time-consuming bottlenecks at lenders and with the Small Business Administration portal the companies use to get loans approved.

For instance, the…



Source cnbc.com

The coronavirus is hitting renewable energy supply chains, factories

Previous article

Drivers have nowhere to go. What insurers are (and aren’t) offering

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Investing