Hiring Hoosiers: $349B effort to help United States small businesses launches Friday

03 Avril, 2020, 19:38 | Auteur: Auguste Feret
  • Payroll protection loan applications start Friday

Consult with your local lender to see if it is participating.

PNC said that it is working with small business customers that are struggling and will offer some "the ability to postpone payments for a period of time" and "a range of modification options with no late fee". As of Friday morning, competitors JPMorgan Chase & Co JPM.N , Citigroup Inc C.N and Wells Fargo & Co WFC.N were not accepting applications on their website.

"Banks are working to get money out the door as quickly as possible", a spokesman for industry group the Consumer Bankers Association told Politico, explaining they simply don't want to be subjected to "unlimited potential liability for things that they can not control".

WBA said sheer volume won't be the only reason the program will take time. "We just put up the federal register with the new guidelines for lenders", he said.

Several large banks have already started. "It seems like every five minutes we get a call with someone with questions", says Timothy Woodward, a partner in Tampa office of Shutts and Bowen, who leads the practice's construction litigation practice. He said the Treasury had spoken with the top banking leaders and received input, and has now simplified the application form. "I encourage our small businesses to access the SBA's new forgivable loan program to ensure Tennesseans continue to get a paycheck during these hard times".

Below is a quick rundown of three SBA programs available to help small businesses during a time when many are shutdown because of the COVID-19 pandemic.

One catch: for the loan to be forgiven, it can only be spent on payroll costs, mortgage interest, rent, and utilities payments over the eight weeks after getting the loan.

Bank of America saw consumer transaction volume fall from an average of $60 billion a week to $40 billion through March, Moynihan said.

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Care to get a loan that might be the difference between making payroll or shutting the doors amid the coronavirus pandemic? Weekly initial jobless claims skyrocketed this week to 6.6 million, eclipsing all previous numbers.

In addition to drawing consternation from lenders and small business owners, the rollout is coming under fire from Republican Senators Josh Hawley of Missouri and Ted Cruz of Texas for what they said were restrictions on churches and religious non-profits. However, checks might not start going out for a week or more. Ken Sweet and Joyce Rosenberg reported from NY. They want to pay their landlord.

Unlike the Wall Street bailout, the effects of a bailout of the dying USA small businesses will be immediately felt by millions of stressed-out Americans and might even reorient the economy toward recovery - that is, if the bankers don't make a mess of it.

There is plenty of liquidity in the system (unlike the financial crisis in 2008) so don't panic and draw on lines of credit unnecessarily.

It's a centerpiece of the $2 trillion coronavirus relief package passed last week. "This is a fast-moving process, but we are confident these issues will be resolved by the Administration".

"The basic premise is to get some money into employers' hands to be able to pay employees for the next eight weeks", said Mike Seppala, president of Western Security Bank in Billings.

"The potential for things to slow down would be in the way the verification and underlying requirements are on the bank", Simpson said.

Since then, banks have become much more financially responsible, thanks to a combination of more stringent rules and regulations and smarter business practices. "Not everyone will get a check tomorrow, but that doesn't mean they won't get one", Simpson said.

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