NEW YORK (AP) — Small business owners hoping for quick loans from the government were in a holding pattern Monday — waiting on their bank to either take their application or, if it did, send them the money.
Business owners began submitting applications to banks, credit unions and other financial institutions late last week, or at least trying to. If successful, owners received notifications that their applications had been received, but for many, there was no further word by Monday afternoon.
Two of the nation's largest banks, J.P. Morgan Chase and Citibank, aren't yet set up to take applications. That leaves their small business customers to worry that the $349 billion the government has budgeted for the relief loans will run out before they can apply.
