Citi Develops Portal to Help Deploy Stimulus Capital

Citigroup CEO Michael Corbat said the bank was working to develop their own portal to help push capital to small businesses as part of the Paycheck Protection Program; Corbat said the goal of the portal is to “get this money into small businesses’ hands as quickly as it can.”; fees for the capital range from 5 percent for a loan under $350,000 to 1 percent for a loan over $2 million; the Trump administration said they are working to help the SBA handle the influx of applications but solutions like the one from Citi can ease the pressure on the SBA; banks overall have been a bit slow to get lending as the terms have shifted as few times; small businesses can ill afford to wait and Citi hopes their solution have help streamline the process. Business Insider