Federal program for small businesses that are hurt by coronavirus is slowed by snags [Los Angeles Times (CA)]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: Los Angeles Times
Small business owners across the country woke up early Friday morning, desperate to be among the first to apply for a $349-billion federal relief program — the government’s largest effort to date to keep Americans employed through the pandemic. Instead, they confronted problems, delays and even rejections. Some of the nation’s largest banks said they weren’t ready to participate, having received information too late from the Treasury Department. Others were overwhelmed, hit with a deluge of applications from millions of business owners trying to stay solvent amid the economic crisis caused by coronavirus-related shutdowns. Tom Straus, the owner of Straus Carpets in Oakland, said that by late Friday he had called or visited six banks, some large, some small. Although he had already filled out the loan application, no banks were prepared to accept it. “Even though the plan is supposed to be rolled out, I’ve been not just unsuccessful — I’ve been frustrated at every turn,” he said. In th
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