FX.co ★ Federal small business loan program riddled with problems

The White House does not seem to waste words. The US government has promised to support small and medium-sized businesses and therefore announced a loan program called the Paycheck Protection Program (PPP). As a result, money has been transferred to banks in no time. Now it is up to the giants of the country's financial sector which have to process applications for material assistance and make all payments. The Congress hoped that the implementation process would be smooth and timely, and most importantly, transparent. However, it turned out that banks were not prepared to handle such a large number of applications. In addition, there were cases where banks had limited some loan applications of small business owners for unknown reasons, favouring their old and larger customers. This is fundamentally contrary to the "first come, first served" commonly agreed approach. If the situation does not change in the nearest future, the Trump administration will have to step in and put pressure on the local top financial players. Donald Trump is well aware that his future political standing depends directly on the success of this program. This is the only way that can help to revive the US economy.