Amara Omeokwe

speaker

439 appearances 11 recordings 1 series first heard Mar 2020 last heard Dec 2023

Amara Omeokwe’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · New Small Business Loans: Can They Meet Demand? · 23 Apr 2020 podcast

So for those customers that didn't necessarily have a relationship with the bank, they were kind of shut out. matched

Another thing that businesses were reporting was just a lack of communication. matched

And I think a lot of the lenders were just really overwhelmed by the volume of applications that they were seeing that they couldn't even really matched

kind of get back to applicants and let them know what was happening with their applications. matched

And then, of course, the funding ran out. matched

And so everyone whose application was kind of sitting at their lender for it to be processed, they didn't get it in in time before the funding closed. matched

So they're kind of just in the queue for when the funding reopens. matched

The banks had to sort of get their technology in order. matched

They had to understand the guidelines that were coming out from the Small Business Administration and the Treasury Department. matched

And those guidelines actually came out kind of piecemeal. matched

They kind of trickled out. matched

So every day leading up to the launch of this program on April 3rd, matched

Lenders were pretty much getting a new piece of guidance that they then had to process and understand how it was going to work. matched

So the lenders themselves have said, you know, the process of ramping up was really difficult for them. matched

And of course, those difficulties translated into difficulties for the applicants. matched

I think that some of the smaller businesses and some small business advocates are definitely hoping for that. matched

There was a lot of backlash for some of the bigger brands like Roots Chris and Shake Shack that participated in the program during the first round. matched

And some smaller businesses are hoping that maybe that public backlash that some of those bigger companies received will mean that fewer bigger companies apply this time around, which will hopefully leave more funding for some of the smaller guys. matched

Treasury Secretary Steven Mnuchin said at a White House briefing Tuesday that he was expecting that this would be the last tranche of funding. matched

But he said that that could be subject to change. matched

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