WASHINGTON (Reuters) – The White House hopes Congress will almost double the size of its program to support small unfinished businesses on weekends, as some of the nation’s biggest lenders still sit on the sidelines and others still cannot access the system.
Photo FILE: United States Capitol Building as seen before a vote on induced (Covid-19) Relief bill on Capitol Hill in Washington, USA, Mar. 25, 2020. REUTERS/Tom Brenner
US President Donald Trump said the government would seek a $250 billion on top of $350 billion of the fund granted by Congress last month that launched on Friday.
Finance Minister Steven Mnuchin said he hoped Congress would log on to the funds of the sixth, as small businesses scrambled for the first to come, first-served life.
“We want to make sure that every single small business can join. We want to assure the workers that if you don’t get the loan this week, there will be a lot of money for you next week, “he said in a White House call with the bank CEO.
The CEO at the Bank of America and JPMorgan Chase said they were getting hundreds of thousands of applications. However, by Tuesday, Citigroup INC. (C. N) indicates that it accepts only a limited amount of applications, while Wells Fargo & Co (WFC. N), which has capped lending program at $10 billion, said it has yet to distribute any funds to the customer.
The SBA has not yet booted an online system promised for the lenders that have never…