Small biz rescue off to spotty start; some banks not ready
By KEN SWEET, JOYCE ROSENBERG and RYAN J. FOLEY The Associated Press
NEW YORK (AP) — The federal government’s relief program for small businesses is off to a bumpy start, with few businesses able to apply and some big banks saying they’re not ready to process applications. Millions of small businesses are expected to apply for these desperately needed rescue loans from the $349 billion Paycheck Protection Program, which was put in place to help them retain workers and pay bills during the coronavirus pandemic. Some large lenders like Wells Fargo, Huntington Bank and Bank of America said Friday that they are ready to go. Others like JPMorgan Chase said they wouldn’t accept applications, citing lack of guidance from the Treasury Department.