“It’s super confusing,” one business owner says. “We have real bills to pay and I want to get my employees back on. They’re all on unemployment. Every day counts.”
"Community banks have been responsive, and the larger banks are stepping up," President Donald Trump said Monday afternoon at a coronavirus task force briefing."Bank of America was right up there at the beginning. JPMorgan really came through. The community banks have been fantastic."It got off to a terrific startJennifer Kelly, an SBA spokeswoman, said that as of 9:30 a.m.
Some community and large banks have begun executing funds. But the bulk of the cash from the big banks, subject to tighter regulations implemented in the wake of the 2008 financial crisis, cannot be disbursed until the SBA has finalized some technical guidelines — shutting out the majority of eligible businesses.
"Right now it's just really a waiting game, and the experience has not been great," he said of the application process.
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