When Joseph Levey logged in to Chase Bank’s lending portal early Tuesday, he hoped he would finally be able to submit his law firm’s application for a federal stimulus loan. He had been trying since the previous Friday.
“One of the C.P.A.s I work with was just heading home at
However, only 78 of 950 such organizations are participating in the government program, according to a Treasury spokesman. The rest do not have authorization to participate because they have not previously been approved by the Small Business Administration to make loans backed by the agency. Their representatives say they do
The program’s previous peak came in 2006 after Hurricane Katrina. It disbursed loans of $1.7 billion that year, according to the Congressional Research Service. In early March, Congress allocated funds to support around $7 billion in lending in response to the pandemic. It added another $10 billion through the
The small-business program was opened on Friday, but some banks began talking to their customers earlier in the week about how to apply for loans. Anecdotal evidence suggests that successful applicants are vastly outnumbered by frustrated borrowers, and even those who were notified that their loans had been approved
The frenzy began even before most banks opened. By 9 a.m. on Friday, banks had already processed 700 loans totaling $2.5 million for small businesses as the spigot opened on a federal emergency relief program. But that was just the beginning. By early afternoon that number had ballooned to $1.8
Some of the restrictions set out by the legislation, like a temporary halt on companies using their own money to buy back stock, appear to apply to all company loans. But a commitment by companies to maintain hiring at or close to recent levels is not required across the board.
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