Small business relief rollout a "disaster," lenders say

By Jennifer Kang
06 Apr 2020

Lenders are scrambling to process an overwhelming number of applications without clear guidelines for the Paycheck Protection Program (PPP), a government-backed lending program that kicked off last Friday. From certifying lenders to accepting applications, sources have described the process as "a disaster", with many small businesses running out of time and cash.

Created under the CARES Act, the Payment Protection Program (PPP) authorizes up to $349bn in forgivable loans to small businesses with 500 or fewer employees. The program is administered by the Treasury and Small Business Administration (SBA), but businesses must apply through a participating lender, such as ...

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