Bloomberg: How to Handle $350 Billion in Loans? No One Knows
The stimulus plan to protect the U.S. economy from the ravages of Covid-19 unlocks hundreds of billions of dollars for small
businesses -- yet the system set to distribute the money is already overwhelmed.
The agency that will oversee the unprecedented $350 billion loan program has been challenged to even maintain a much smaller, existing program, with its website crashing repeatedly. The network of 800 approved lenders expected to divvy up funding have received little guidance so far. It’s unclear, for instance, whether a business owner could apply online or would have to meet with the lender in person.