Key Iowa banks won't issue COVID-19 stimulus loans without more info

Photo: Bureau of the Fiscal Service / Photo: Pixabay / Photo: Pxhere
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IOWA CITY, Iowa (AP) -- Two of the largest banks in Iowa say they aren’t ready to take applications for the $349 billion small business aid program that began Friday.

MidwestOne Bank and Bankers Trust announced late Thursday that they still do not have enough information from the Small Business Administration to proceed. Both indicated they would begin processing applications as soon as they had the answers to key questions.

A MidwestOne vice president told customers that banks “do not yet have critical program details” and warned that submitting inaccurate or incorrect applications would delay their aid.

Des Moines-based Bankers Trust says it's disappointed in the lack of guidance and delay.