Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Small business bailout effort sees early struggles: 'We're all a little panicky right now'

 

Customers, some wearing face masks, line up outside a Wells Fargo branch inf Los Angeles on Friday, April 3, 2020, Wells Fargo said that it is no longer taking applications for the Paycheck Protection program because it has already maxed out its $10 billion capacity for such loans. (AP Photo/Damian Dovarganes) ORG XMIT: MER6249fd3f64fb3a97f0203d8f4cffa

After a rocky start, the federal government's $349 billion business bailout program continues to misfire, causing headaches for many business owners who can't find a lender to handle their application.

The biggest concern is an announcement by Wells Fargo & Co. that it was immediately cutting off applications to the program because it had already received requests totaling $10 billion by Sunday night, which "will fill the company's capacity to lend under the program."

https://www.startribune.com/wells-fargo-says-its-share-of-fed-small-business-rescue-fund-already-tapped-out/569412232/

 

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