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Rescue Plan for U.S. Small Business Kicks Off Beset by Concerns

  • Companies can apply for $349 billion in loans starting Friday
  • Lenders, entrepreneurs lament loan terms, late guidance
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Pence Says U.S. Economy Will Recover From Virus Crisis and Testing Is Increasing
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The Trump administration’s $349 billion small-business rescue kicked off Friday surrounded by concerns about its ability to handle an expected flood of applications and deliver enough aid to mom-and-pop firms hit hardest by the coronavirus pandemic.

Hours before the program started taking applications, lenders complained they lacked sufficient guidance from the Small Business Administration on how to process them. While new rules were issued late Thursday, it wasn’t clear how quickly lenders would be able to comply with them or how many would participate because of what some see as disadvantageous terms.