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Banks warn Trump’s small business loan program is headed for total disaster

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Banks that are being counted on to lend cash to distressed small businesses are sounding the alarm about the Trump administration’s implementation of a $350 billion lending program recently passed by the United States Congress.

Politico reports that banks are complaining that “Treasury Secretary Steven Mnuchin boxed them in with an unrealistic deadline and that the ground rules they’ve been given for the program, which is intended to deliver rapid aid to a huge number of ailing businesses, could delay the assistance for weeks or longer.”

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In fact, according to Politico’s sources, “Some fear a disaster that could dwarf the failed kickoff of the Obamacare enrollment web site in 2013.”

Getting money out to small businesses quickly so they don’t lay off their employees is essential at a time when more than 10 million Americans have filed unemployment claims in just a two-week period.

Among the issues banks say they are facing is that they will need to verify that businesses applying for loans were operational on February 15th this year and that it is maintaining payroll.

“Banks say the verification requirements could lead to substantial delays in issuing loans — a mandate that could create a lag of weeks or more as they establish the necessary procedures,” Politico reports. “They are seeking greater assurances that they won’t be held liable if a borrower obtains a loan after providing misleading information.”


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Trump ridiculed for plan to build a ‘National Garden of American Heroes’: ‘Surprised he didn’t include Zorro’

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At President Donald Trump's Independence Day Speech at Mount Rushmore, he pledged to sign an executive order establishing the "National Garden of American Heroes" in reaction to efforts to tear down monuments glorifying racist historical figures. Although many of the people proposed by the administration for the garden, like Abraham Lincoln and Martin Luther King, Jr., are fairly universally beloved, others, like former President Ronald Reagan, Supreme Court Justice Antonin Scalia, and evangelical preacher Billy Graham, are sharply partisan choices.

The White House just sent out the text of the executive order. It creates a task force to recommend how and where to create this new garden. And it specifies the statues that should be in the park (including Antonin Scalia): pic.twitter.com/fGjFbr4JtQ

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WATCH: Maskless Kimberly Guilfoyle gives speech to Trump supporters the day before her positive COVID test was announced

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Donald Trump Jr.'s girlfriend, Trump campaign fundraiser Kimberly Guilfoyle, made headlines with the announcement she tested positive for COVID-19 with hours to go before President Donald Trump's speech at Mount Rushmore. The campaign was quick to note that this occurred before the president arrived in the state, that Guilfoyle and Trump Jr. would be backing out of attending the president's speech, and that they would not have any contact with him until further notice.

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2020 Election

Guilfoyle’s positive COVID-19 test a ‘set-back’ for troubled Trump campaign trying to brush off pandemic fears: report

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According to the Washington Post, the report that top Donald Trump 2020 campaign official, and girlfriend to Don Trump Jr., Kimberly Guilfoyle has tested positive for COVID-19 is not only a setback for the president's troubled campaign but also a stark reminder that the coronavirus is still spreading rapidly despite the president's denials.

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