Small business owners are trying to find financial relief through the CARES Act, but banks are having a tough time processing the high volume of loan application.
Us they're having a tough time filing for loans..
Action news now's brandon benitez joins us live -- with how banks are having a tough time serving those businesses... brandon what do we know?
Haley, small businesses are in a bit of a log jam to get their loans but banks are having trouble with the high volume of loans they're receiving... a lot of small business owners are taking advantage of the cares act that allows them to borrow two and a half months of expenses through the small business administration to avoid having to layoff staff... community banks like the golden valley bank are trying to process those applications but the volume has been overwhelming... the s-b-a cannot handle the volume of loans coming in.
That has improved over the past couple days.
We've been able to get loans funded for small business folks but we still have a huge pipeline 25-to-50 billion dollars in loans on a normal year.
Right now they're trying to process 350- billion dollars within a week.
Live in chico, brandon benitez action news now coverage you can count on... we have links on our website to get you going on the loan application process.#
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