Congressman Bill Flores of Bryan (R-TX) visits with WTAW’s Scott DeLucia about the recent Paycheck Protection Plan vote, problems with loans, what people are wanting from the federal government, Governor Abbott’s executive orders, oil prices, and more during his weekly Washington update on The Infomaniacs on Wednesday, April 29, 2020.
One of the topics discussed was about the congressman hearing from bankers in his district having trouble applying for payroll protection relief loans from the Small Business Administration (SBA). After the interview, the Associated Press reported the SBA dedicated eight hours, through 11 p.m. local time, to accept applications only from small lenders.
NEW YORK (AP) – The smallest companies seeking coronavirus relief loans are moving to the head of the line. The Small Business Administration says that for eight hours ending at midnight Eastern time it will accept loans only from small lenders. SBA head Jovita Carranza says in a tweet that the step is being taken to ensure that small community lenders and their small business customers will have access to the $310 billion program, There have been concerns about the nation’s smallest businesses being able to get loans because small banks _ many of them with just a few hundred applications _ have had to compete with big national banks submitting hundreds of thousands of loan requests.
Listen to “Congressman Bill Flores on The Infomaniacs” on Spreaker.