Congress created a $350 billion lending facility in last month’s $2.2 trillion relief bill for small businesses gasping for liquidity amid coronavirus shutdowns. But its rushed relief has unsurprisingly resulted in confusion, leaving the Trump Administration to mop up the mess. In a normal year the Small Business Administration makes about 60,000 loans totalling $30 billion. Congress last month vastly increased its workload by making the agency responsible for shovelling out $350 billion in loans to millions of small businesses...

Source: Wall Street Journal April 06, 2020 23:14 UTC