On first day, small business loan application process is plagued with problems, as small business owners waiting for loans say they can't hold out much longer.
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But across the U.S., at banks big and small, the program is simply not yet operational. And experts said it would be a week before the program was fully up and running.Wells Fargo stated on its website Friday, “Financial institutions like ours continue to receive program implementation guidance from the SBA and the U.S. Treasury. Unfortunately, as a result, Wells Fargo will not be able to start accepting applications on Friday, April 3rd.
One source said there have also been security concerns with the portal that are currently being addressed.Pedestrians walk past a branch of Bank of America in New York City.Despite Bank of America Chairman and CEO Brian Moynihan touting his institution’s success in standing up its program in record time -- telling CNBC that the bank has taken in 10,000 applications as of Friday morning -- much ire was directed at the bank online and by one powerful Senate committee chairman.
A "Closed" sign hangs in the window of a phone repair shop at The Plaza at Harmon Meadow in Secaucus, New Jersey, April 2, 2020. "They are purposefully denying us this Paycheck Protection Program opportunity so they can profit by selling us their loans," Slaughter said.
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