Gears Jammed Again at Restart for Small-Business Relief Program
Lenders reported frustration with being shut out of the U.S. Small Business Administration’s system to apply for relief loans, a sign that the program that restarted Monday with additional funding is already overwhelmed.
Not 10 minutes after the SBA’s Paycheck Protection Program relaunched at 10:30 a.m. New York Time, lenders reported that they either couldn’t access the agency’s system or were being kicked out as they tried to process applications on behalf of small-business owners, said Paul Merski of the Independent Community Bankers of America. The platform went down four minutes after it opened, according to a person familiar with the matter.
“Bankers are sitting there refreshing their screen every 15 minutes trying to get in,” Merski said. “It’s very frustrating.”
Rob Nichols, president and chief executive officer of the American Bankers Association, said in a tweet that his member banks across the country “are deeply frustrated at their inability to access” SBA’s system. He said the association has “raised these issues at the highest levels,” and until they are resolved, banks “will not be able help more struggling small businesses.”
https://www.msn.com/en-us/money/smallbusiness/gears-jammed-again-at-restart-for-small-business-relief-program/ar-BB13gSr8?li=BBnb7Kz
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