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Banks are expecting millions of applications from small businesses on Friday. Some fear a disaster that could dwarf the failed kickoff of the Obamacare enrollment web site in 2013.

— Zachary Warmbrodt (@Zachary) April 2, 2020

In a letter to Treasury and the SBA, the Independent Community Bankers of America said the 0.5 percent interest rate mandated by the administration for the small biz loans was so low that for many banks “it will not be economic or feasible to participate in the program.”

— Zachary Warmbrodt (@Zachary) April 2, 2020

Banks told Treasury Tuesday that verification requirements for the loans could lead to substantial delays — weeks or more as they establish the necessary procedures. If you want rapid deployment, they said, make it automated and don’t require banks to verify borrower info

— Zachary Warmbrodt (@Zachary) April 2, 2020