The Small-Business Loan Program Crashed in the First Week It Was Up

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The Small-Business Loan Program Crashed in the First Week It Was Up
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The $349 billion program is already causing headaches for the Trump administration

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In his Friday the 13th coronavirus press conference in which the president shook the hands of several guest CEOs, President Trump announced that his administration would soon create a website to help Americans throughout the country access COVID-19 tests; designed by Google, it would be “unlike websites of the past.” Despite the apparent dig at the rollout of healthcare.

While Bloomberg reported that several banks were not able to register in that time period, larger problems still exist in the program: Though Amazon Web Services was brought in last week to provide cloud-computing infrastructure to help get the project up and running, it is still not finished.

Payroll is a major question to be left hanging at this point, considering that the $349 billion Paycheck Protection Program was designed to inject money into small businesses so that they wouldn’t have to fire employees during the economic crisis.

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