Demand by US SMEs for $150bn available in loans dries up
‘I think it’s a mixture of uncertainty and anxiety and fear, and the uncontrollable factor about employment and rehiring,’ one bank chief says
26 May 2020 - 15:04
San Francisco/Washington — When the US government first rolled out forgivable loans to small businesses in early April under the Paycheck Protection Programme (PPP), loan officers at Bank of the West in Grapevine, Texas, worked nights and weekends to process a tsunami of applications.
But since those first few frantic weeks, demand has “just dried up,” said bank president Cindy Blankenship. On May 15 the bank stopped taking applications for PPP loans...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.