Citigroup is “working around the clock” to build an online portal so the bank can participate in the small business loan program to help alleviate the economic impact of coronavirus.
Citigroup CEO Michael Corbat told CNBC last week that his lender is “making sure that we’ve got the digital interface set up so that people can apply online, we can get the documentation we need online for the vast majority of these loans, and we can get this money into small businesses hands as quickly as we can.”
Citigroup, along with Wells Fargo, was one of the major lenders that didn’t have an online portal on Friday ready to accept applications for the Paycheck Protection Program. Employers can use the funds to cover the costs of salaries, bonuses, retirement benefits, parental leave and health care benefits. Loans could be forgiven for the first eight weeks if employers pay their expenses and keep salary levels constant. Three-quarters of the loan must go toward payroll.