Even as lenders such as JPMorgan Chase said they most likely wouldn't be prepared to offer the government-backed loans, President Trump said at the daily coronavirus press briefing that the so-called Paycheck Protection Program 'is launching tomorrow.'
President Donald Trump pledged to kick off a $350 billion small business loan program Friday despite widespread warnings from banks that they aren't ready to deliver the desperately needed aid as advertised.they most likely wouldn't be prepared to offer the government-backed loans, Trump said at the daily coronavirus press briefing that the so-called Paycheck Protection Program "is launching tomorrow.
Major U.S. banks on Thursday were unsure if they would be able to start offering the loans Friday, even as the industry expected millions of applications from struggling small businesses. Banks complained that the Treasury Department and Small Business Administration have supplied incomplete guidelines and imposed onerous loan-verification requirements, among other issues.
But even while Mnuchin pledged that banks would be ready to make the loans Friday, he admitted "that doesn't mean everybody is going to get their loan tomorrow." Separately, the Small Business Administration in new guidelines said it will streamline loan verification requirements for banks and give them legal cover if they're duped by applicants. The industry had complained that earlier guidance for how to process the loans would have been too slow if the goal was to get money out immediately.
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