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The federal government authorized $350 billion in forgivable loans to small businesses to cover costs for at least eight weeks. Bank of America received over 85,000 applications on Friday. The top three lenders tell NBC News’ Stephanie Ruhle that technical issues are causing processing delays, but they’re working on a resolution.
One day after the launch of a $350B loan program designed to rescue millions of small businesses, technical glitches continue to cripple the process.
The unemployment data breaks a record streak of job creation that dates back to 2010.
The program is supposed to begin at midnight, but banks say there is so little guidance from the Trump administration that they may not be able to lend.
This week’s stock market plunge comes as a shock, but investing pros say knee-jerk selling remains a mistake.
Apollo Global Management emailed Jared Kushner and other Trump admin officials about relaxing rules on a $100 billion loan program.