Large banks, leery of inadvertently misusing taxpayer money, waited for more clarity from the government before they started lending. More than 100,000 small businesses have closed permanently since the start of the pandemic. “Senator Rubio and Senator Cardin wanted those funds in the hands of small businesses rapidly. And so that was my focus,” Carranza said, adding data integrity was also important and she tried to provide information to the Small Business Committee as fast as possible. He said a recent NFIB survey found 77 percent of small businesses had applied for loans under the program, and 93 percent had been approved.

Source: Washington Post June 09, 2020 17:15 UTC