Banks were not prepared for flood of small business coronavirus relief applications

The Trump administration’s emergency $349 billion Paycheck Protection Program to help small businesses cover their payroll costs was set to roll out on Friday, with banks accepting applications from businesses slammed by coronavirus. (Applicants must have fewer than 500 employees.)

All week leading up to the start date, President Trump, Treasury Secretary Steven Mnuchin, and other senior administration officials have been talking up the program and how much it will help small businesses in dire need.

But when the starting light turned green, banks weren’t prepared to handle the flood of applications. (Banks were supposed to be able to begin processing applications at midnight.) On Friday morning, a number of banks were either not accepting loans yet, or having issues with their loan application pages.

That’s despite Mnuchin having declared that the small businesses approved for the loans would “get the money the same day.”

It was already clear by

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Airline CEOs warn coronavirus is cutting into reservations and are prepared for it to get worse

United Airlines (UAL) President and incoming CEO Scott Kirby warned on Tuesday that the airline’s move to cut overall capacity could hit 20% this May and grow by an equal or greater amount each month until ticket demand returns.

“Our current dire scenario planning option is for revenue to be down 70% in April,” Kirby told investors at the JP Morgan Industrials Conference in New York City. While he doesn’t expect the revenue hit to actually be that bad, he says United’s goal is to “raise liquidity, cut cap ex, and reduce capacity to position ourselves to bounce back when the crisis ends.”

The warning from the United Airlines CEO comes as all of the major airlines face fallout from the new coronavirus outbreak, which has hit the travel industry particularly hard. CEOs from Delta and American Airlines also said at Tuesday’s conference that they were cutting capacity as the

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Is My Teenager Prepared To Drive?

Earthquakes,typhoons, hurricanes, floods and fire are disasters that happen unexpectedly. But if you are looking for a car that you can use as a everyday driver and also take to the Autocross course and have good results, you are going to want to take a serious appear at a Miata! These 3 giant auto insurance companies have accomplished 50% of industry share of auto insurance coverage industry. Based on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance coverage firm, in accordance with a framework of regulations set by the government.

For just a second, it gave me just sufficient traction to pull myself off the track and onto strong ground and just enough of a jolt, that the machine was freed from my backseat and pulled itself back out of my vehicle and let me down on all 4 wheels. You … Read More