Citigroup CEO Says Bank “Works Relentlessly” to Relieve Small Businesses
The program, which the Secretary of the Treasury Steven mnuchin said it will be available on Friday, is intended to allow struggling businesses to retain their employees by requesting loans that are canceled if used for workers’ payroll. It was a key part of the $ 2 trillion coronavirus relief bill signed last week by President Donald Trump.
The bank “makes sure we have the digital interface in place for people to apply online, we can get the documentation we need online for the vast majority of these loans, and we can get that money back.” into the hands of small businesses as quickly as possible, ”Corbat said Wednesday in an interview with CNBC’s Jim Cramer.
Banks have been inundated with inquiries from business owners about how the program works, and small business lending experts have expressed concern that the program will take longer to start and run than Mnuchin had predicted. Lenders, who are paid a fee to administer the program on behalf of the Small Business Administration, will face pressure to run the program smoothly.
“We are working around the clock to make sure our portal is set up,” Corbat said. “Not just our company, but any company that would like to contact us for assistance and access the program we have in place to do so.”