U.S. small-business rescue loan program enters fourth day plagued by technical problems
Source: Reuters
BUSINESS NEWS APRIL 6, 2020 / 12:05 PM / UPDATED AN HOUR AGO
Pete Schroeder, Michelle Price
4 MIN READ
WASHINGTON (Reuters) - The U.S. governments $349 billion small-business rescue program entered its fourth day on Monday, plagued by ongoing technology and processing problems that are delaying disbursements to businesses hurt by the novel coronavirus, according to industry groups, bankers and an email seen by Reuters.
U.S. lenders, inundated by thousands of loan applications, struggled to access the governments technology system for processing the paperwork over the weekend, while that paperwork also changed more than once, the sources said.
We know that your efforts have been frustrated with system issues, policy questions and slower than usual responses, the Small Business Administrations Regional Offices wrote to bankers on Saturday evening, according to an email seen by Reuters. We are working to improve all of those issues, it added.
Many lenders have had problems signing up for new user accounts with the SBAs platform, and with unlocking or resetting passwords for existing user accounts, the email said, adding the SBA was working to unlock all of the existing user accounts in one batch.
Read more: https://www.reuters.com/article/us-health-coronavirus-stimulus-banks/u-s-small-business-rescue-loan-program-enters-fourth-day-plagued-by-technical-problems-idUSKBN21O25F?il=0
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Isn't this the same agency that the libertarians wanted cut and gutted...................
bucolic_frolic
(42,673 posts)as if everyone just took a long, long, long weekend.
The site seemed to say all the stimulus grants will be forgiven. But how much business will there be to go back to? Customers are hurting, they move on, they tighten their purses. Consumerism is on trial here, and many will finally realize there's more to life than plastic junk from Target.
progree
(10,864 posts)I'm sure we'll be hearing that again. And:
"If 100 businesses get these loans, that will be a great success ... bigly great success"
FBaggins
(26,696 posts)The banks would have severe problems with "just" delivering on what was promised in the bill (WAY more transactions than they're equipped to handle). Add the fact that many of the bankers are working remotely and this is going to be a mess.
Doesn't mean that it isn't worth doing... and some banks will do better than others (and thus profit from it)... but there's no way that the president's promises will be delivered on.
ResistantAmerican17
(3,777 posts)Skittles
(152,964 posts)probably "run" by a Trump ass kisser
RussBLib
(8,984 posts)And there was no argument from the press.