Small-business loan program ran out of money within minutes, some banks say.
Shawn O’Day, a disabled retired veteran, owns The O Bar in North Conway, New Hampshire. He believes he was one of the first to apply, and ultimately submitted requests through four separate banks.
“All I was trying to do was support my nine unemployed workers, but have been unsuccessful," he said. He also received a"friendly reminder on April 10 from my landlord that the rent was due April 1, which is still outstanding,” O’Day said. Yet according to new data by Fivestars, a small-business marketing and loyalty platform service, 75 percent of the small- and medium-sized businesses with current mandatory shutdowns that the firm serves need a $55,000 infusion by May 1 in order to successfully restart when guidelines are lifted.
An estimated $18 trillion may ultimately be required to meet the needs of small business owners, Howard Mason, head of financial research at Renaissance Macro Research, said in a note to clients last week.
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