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

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President Donald Trump (MSNBC)

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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2020 Election

Trump official removed after illegally serving 424 days as head of the Bureau of Land Management: report

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Yet another Donald Trump official has found himself in trouble with the law for running a federal agency without Senate confirmation.

"federal judge ruled Friday that the Trump administration's leading steward of public lands has been serving unlawfully and has blocked him from continuing in the position. U.S. District Judge Brian Morris said U.S. Bureau of Land Management acting director William Perry Pendley served unlawfully for 424 days without being confirmed to the post by the U.S. Senate," the Associated Press reported Friday.

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Dennis Quaid to star in Trump’s $300 million ad campaign against COVID ‘despair’: report

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Americans should expect to see more of actor Dennis Quaid during television commercial breaks, according to a new report by Politico.

"The health department is moving quickly on a highly unusual advertising campaign to 'defeat despair' about the coronavirus, a $300 million-plus effort that was shaped by a political appointee close to President Donald Trump and executed in part by close allies of the official, using taxpayer funds," Politico's Dan Diamond reported Friday.

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2020 Election

Lincoln Project likens Lindsey Graham to an abused dog for being ‘violently out-fundraised’ in South Carolina re-election campaign

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Sen. Lindsey Graham (R-SC) is facing a huge fundraising shortage -- despite being an incumbent Republican senator running in South Carolina.

As he's been trailing Democrat Jaime Harrison in fundraising, Graham has repeatedly gone on Fox News to beg for donations.

“My opponent will raise almost $100 million in the state of South Carolina,” Graham complained to Fox and Friends on Thursday.

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