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Big banks took "free money' in 2008. They're turning their back now on small businesses, SBA officia
https://www.washingtonpost.com/business/2020/04/08/video-sba-official-blasts-big-banks-over-failure-quickly-distribute-loans/
“What they are saying is ‘I don’t give ... a hoot about the small businesses,’ " one SBA district director said in a candid call with business owners.
By Aaron Gregg and Renae Merle
April 8, 2020 at 9:32 a.m. EDT
A high-level Small Business Administration official criticized several big banks over their reticence to get involved in a $349 billion federally subsidized small business lending program, in a recorded teleconference obtained by the Washington Post.
The comments from SBA Nevada district director Joseph Amato offer a rare candid glimpse behind the scenes at the frustrations federal officials face as they work with banks to quickly ramp up one of the most ambitious economic stimulus programs in American history. The webinar features Amato talking candidly about the $349 billion program on a Zoom teleconference that was recorded and provided to The Post.
SBA officials did not immediately provide comments for this story. Bank of America and Wells Fargo didn’t immediately return emails seeking comment.
Asked for comment, a JPMorgan Chase spokesperson referred to a conference call between Trump and industry executives Tuesday afternoon during which its co-president, Gordon Smith, said the bank had already taken 375,000 applications for $40 billion in loans.
Amato also said there are challenges with implementing the SBA’s disaster loans program, noting the small government agency is struggling to deal with more than 3 million loan applications it received in a matter of days.
He chided the big banks for taking bailout money in 2008, only to abandon small businesses at a time when funding is desperately needed.
</snip>
“What they are saying is ‘I don’t give ... a hoot about the small businesses,’ " one SBA district director said in a candid call with business owners.
By Aaron Gregg and Renae Merle
April 8, 2020 at 9:32 a.m. EDT
A high-level Small Business Administration official criticized several big banks over their reticence to get involved in a $349 billion federally subsidized small business lending program, in a recorded teleconference obtained by the Washington Post.
The comments from SBA Nevada district director Joseph Amato offer a rare candid glimpse behind the scenes at the frustrations federal officials face as they work with banks to quickly ramp up one of the most ambitious economic stimulus programs in American history. The webinar features Amato talking candidly about the $349 billion program on a Zoom teleconference that was recorded and provided to The Post.
SBA officials did not immediately provide comments for this story. Bank of America and Wells Fargo didn’t immediately return emails seeking comment.
Asked for comment, a JPMorgan Chase spokesperson referred to a conference call between Trump and industry executives Tuesday afternoon during which its co-president, Gordon Smith, said the bank had already taken 375,000 applications for $40 billion in loans.
Amato also said there are challenges with implementing the SBA’s disaster loans program, noting the small government agency is struggling to deal with more than 3 million loan applications it received in a matter of days.
He chided the big banks for taking bailout money in 2008, only to abandon small businesses at a time when funding is desperately needed.
</snip>
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