Small-business loan program ran out of money within minutes, some banks say

Small-business loan program ran out of money within minutes, some banks say

Much of the $350 billion in the Small Business Administration’s emergency coronavirus relief fund was effectively spoken for within the first minutes of launch, according to senior banking executives. “We didn’t even get through the first five minutes of applications,” a JPMorgan Chase senior banking executive said. The bank received over 60,000 applicants for the […]