“Where Is Your PPP Loan App On Your Website????” : Customers Venting Frustration As Banks Clamor For Guidance From Trump Administration
WASHINGTON, D.C. – During last night’s White House briefing, Treasury Secretary Mnuchin assured hurting small business owners across the country that the SBA’s new $349 billion Paycheck Protection Program would be “up and running tomorrow.” It appears to be the latest case of the Trump administration overpromising and underdelivering in its epic mismanagement of the coronavirus crisis response.
As the New York Times reported, “On Thursday evening, lenders were still waiting for technical information about how to underwrite the loans” and “S.B.A. representatives did not respond to questions about when guidance for lenders would be available.”
An examination of social media today by government watchdog Accountable.US suggests that critical guidance has yet to trickle-down to the banks actually tasked with carrying out the program. See below for a sample of customers taking to Twitter to express frustration with their banks’ lack of tools to apply for a PPP grant, while banks throw up their hands and point the finger at the Trump administration in response.
Even Ivanka Trump is apparently getting an earful.
[Twitter – @UnionBank, 4/3/20]