‘It’s going to be a mess’: What small businesses applying to the SBA’s Paycheck Protection Program need to know

As small businesses ready to apply for the new Small Business Association’s Payroll Protection Program loans (as part of a $2.2 trillion stimulus package), banks are calling it: they’re not ready for the rollout of the program.

Banks like JPMorgan Chase emailed customers on Thursday evening stating that the bank “will most likely not be able to start accepting applications on Friday, April 3rd as we had hoped.”

According to numerous reports, banks are concerned that the $350 billion lending program for small businesses impacted by the coronavirus won’t be ready when it launches Friday due to a lack of time, necessary guidelines, and set requirements from the Administration, Small Business Association (SBA), and the Treasury.

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