Thread by @JenniferJJacobs

🚨Community bankers are “rightfully frustrated and, in many cases, livid”
after promised online portals never went live yesterday, failing small businesses counting on the banks for emergency coronavirus money, says @romerorainey, CEO of Independent Community Bankers of America.

It was “a nightmare situation” for bankers trying to originate loans via SBA’s PPP coronavirus program, Rebecca Romero Rainey says. “Media reports continue to indicate successful launches through the country by community banks, few of which we have been able to confirm.”

“The big rub is that the administration is calling this rollout a big success and it was quite to opposite,” a GOP banking exec deep in the thick of the problems with SBA loans messages me—as Trump simultaneously tweets about supporting small businesses amid coronavirus crisis.

Some small businesses supplied all required info for coronavirus emergency loan applications, then their bankers couldn’t submit apps via SBA E-Tran system. Bankers placed on hold for hours.

THE URGENCY: the money is limited and it’s 1st come 1st served.
google.com/amp/s/www.bloo…

Trump says he‘ll “immediately ask Congress for more money to support small businesses“ if the $349B in PPP money runs dry.

Yesterday Kudlow: “We could probably get some kind of supplemental assistance here through the Congress to expand it or we might find other ways and means.”

"I think we're going to need more money for the small businesses," Trump says at coronovirus briefing. He says admin working on the next round of stimulus.