WASHINGTON (Reuters) – U.S. banks were girding on Monday for another disorderly dash to get $310 billion in fresh small company help due to be launched by the federal government on Monday, after it changed a few of the guidelines of the first-come-first-served scheme at the 11 th hour.
FILE PICTURE – U.S. Speaker of your house Nancy Pelosi (D-CA) indications H.R. 266, the Income Security Program Health Care Improvement Act, an additional economic stimulus bundle that passed earlier in the week by the U.S. Senate, during a finalizing event on Capitol Hill as the coronavirus (COVID-19) illness pandemic continues, in Washington, U.S., April 23,2020 REUTERS/Tom Brenner
The Small Company Administration (SBA) was set to re-open its Paycheck Protection Program at 10: 30 am EDT/1430 GMT on Monday, permitting loan providers to resume processing applications from companies harmed by the unique coronavirus shutdown.
With the nation’s lending institutions currently resting on hundreds of countless backlogged applications, the fresh funds are anticipated to be burnt through in days – leaving swathes of mom-and-pop business out in the cold aga