homeWelcome, sign in or click here to subscribe.login
     


 

 

Business


Subscriber content preview

April 6, 2020

Small biz rescue off to slow start; some banks not ready

  • The banking industry had been trying to temper expectations about how many businesses would get the cash they need right away.
    • By KEN SWEET, JOYCE M. ROSENBERG and RYAN J. FOLEY
    The Associated Press

    NEW YORK — The federal government’s relief program for small businesses was off to a slow start Friday, with only some businesses able to apply and several banks either not accepting applications or seeing long waits to do approvals.

    Millions of small businesses are expected to apply for these desperately needed rescue loans from the $349 billion Paycheck Protection Program, which was put in place to help them retain workers and pay bills during the coronavirus pandemic. Roughly 5,200 loans valued at $1.8 billion have been processed so far, said Jovita Carranza, administrator of the Small Business Administration, on Friday afternoon.


     
    . . .


    To read this story in full login or purchase a subscription.



    
    Email or user name:
    Password:
     
    Forgot password? Click here.