Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Trump says $70 billion in coronavirus rescue loans authorized. But where's the cash?
Source: Reuters
BUSINESS NEWS APRIL 7, 2020 / 7:03 PM / UPDATED 2 HOURS AGO
Trump says $70 billion in coronavirus rescue loans authorized. But where's the cash?
Michelle Price, Pete Schroeder
5 MIN READ
WASHINGTON (Reuters) - Roughly $70 billion of a $350 billion pot of loans to cover the payrolls of ailing small businesses have been originated by U.S. lenders in recent days, President Donald Trump said on Tuesday, adding that that money was “essentially loaned.”
In fact, no one, including the administration, seems to know how much of that money has made it into the hands of small businesses, many of which say they have yet to see a penny.
“They’re saying it’s going great but on the street no one’s received any funds yet,” said Sachin Mahajan, who shut down his restaurant, Karma Modern Indian, in the heart of Washington, D.C., on March 16 after business nosedived.
“All the business owners I have spoken with, none of them have seen anything come through yet,” said Mahajan, who submitted his payroll application on Monday, after his bank asked him to resubmit online his Friday paper application.
Neither the U.S. Treasury Department nor the Small Business Administration, which are jointly administering the program, have formal data on disbursements, which are issued by participating banks, a senior administration official told Reuters.
-snip-
Trump says $70 billion in coronavirus rescue loans authorized. But where's the cash?
Michelle Price, Pete Schroeder
5 MIN READ
WASHINGTON (Reuters) - Roughly $70 billion of a $350 billion pot of loans to cover the payrolls of ailing small businesses have been originated by U.S. lenders in recent days, President Donald Trump said on Tuesday, adding that that money was “essentially loaned.”
In fact, no one, including the administration, seems to know how much of that money has made it into the hands of small businesses, many of which say they have yet to see a penny.
“They’re saying it’s going great but on the street no one’s received any funds yet,” said Sachin Mahajan, who shut down his restaurant, Karma Modern Indian, in the heart of Washington, D.C., on March 16 after business nosedived.
“All the business owners I have spoken with, none of them have seen anything come through yet,” said Mahajan, who submitted his payroll application on Monday, after his bank asked him to resubmit online his Friday paper application.
Neither the U.S. Treasury Department nor the Small Business Administration, which are jointly administering the program, have formal data on disbursements, which are issued by participating banks, a senior administration official told Reuters.
-snip-
Read more: https://www.reuters.com/article/us-health-coronavirus-stimulus-cash/trump-says-70-billion-in-coronavirus-rescue-loans-authorized-but-wheres-the-cash-idUSKBN21P3GW
3 replies
= new reply since forum marked as read
= new reply since forum marked as read
What a disaster 
