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Originally Posted by RickFLM4
Where did you hear the $1T? As of this morning, BOA is up to 177k applications for $32.6B and WF capped its lending under the program at $10B, which it has reached in applications, but that’s far away from $1T or even the total earmarked for the program. Many other lenders are lagging because they aren’t ready for it. Very little has been disbursed so far. Also, not everyone who applies will be eligible for the full amount they applied to borrow.
I heard Rubio on CNBC this morning saying if the program is oversubscribed the President will go back to Congress to request more money. Theoretically, more people working means less unemployment benefit payments. Personally, I think it would be politically difficult for either party to say or imply they prefer people losing their jobs and paying them unemployment to supporting job retention.
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I can’t give the source (confidential) but he is very close to several federal agencies directly involved in this, and also has the pulse of at least one industry that is full of applicants. Even if exaggerated by a factor of two, which I doubt, the program would be over subscribed.
You are correct that with bank portals just opening up on Friday (for the most part) and continuing through the weekend, a lot of applications are yet to be submitted. But I know of many that did get in on Friday, probably totaling more than $50 million - just in my little industry in my little state. There is another $50 million ready to go in (same industry and state) as soon as other banks can take the applications.
Trump also said over the weekend that he expected to ask for more funding for this very popular program.