Coronavirus: Small business owners in Bay Area struggle to apply for new lending program White House rolled out
SAN FRANCISCO (KGO) -- The White House launched a nearly $350 billion lending program Friday aimed to help small businesses stay afloat amid economic impacts caused by COVID-19. But if you have trouble applying, you're not alone.
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It's called the Paycheck Protection Program, where small business owners can be eligible for one of three types of loans.
"It was really a decision of... do we want to keep our doors open." That's what small business owner Josh Kizler said, tearing up, while coming to terms with a difficult decision: whose hours on his staff will have to be cut.
Kizler, who owns Kizler Coffee in Pacifica, ran into delays with JPMorgan Chase.
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Kizler received the following email Thursday night:
Click here for more information on each type of loan and eligibility requirements.
"Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury. As a result, Chase will most likely not be able to start accepting applications on Friday, April 3 as we had hoped."
The delays also affecting customers' banking with Wells Fargo. The company posting an update on their website saying: "We are working as quickly as possible to be ready."
But, customers with Bank of America have had success. Just before noon Friday, staffers received a note reporting more than 60,000 clients were assisted with a loan. The company reports receiving over $6 billion in applications.
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Leaving Kizler hopeful he'll be a part of that soon.
"I hope to be able to pay people back," said Kizler who had to cut staff payroll hours. "I hope the best for my team."
ABC7 reached out to JPMorgan Chase and Wells Fargo for further comment but were directed to wait for future updates on their websites.
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