Banks say that electronic loan portal for small business relief program is to blame for delays

Under pressure to deliver relief to hundreds of thousands of small businesses, banks of all sizes are complaining that the federal government’s loan-entry portal is behind delays in the program.

Secretary of the Treasury Steven Mnuchin speaks with President Donald J. Trump and members of the coronavirus task force during a briefing in response to the COVID-19 coronavirus pandemic on Thursday, April 02, 2020 in Washington, DC. Under pressure to deliver relief to hundreds of thousands of small businesses, banks of all sizes are complaining that the federal government's loan-entry portal is behind delays in the program.

They added that "if the pace and performance of the E-Tran system cannot be improved, then we ask that you share that information with the public to help manage expectations for all of the small businesses still counting on PPP for a lifeline." A spokesman for the SBA said in an email to CNBC that "the PPP program is working" and that the agency "is providing real-time data updates, proactively identifying and resolving issues."

Funny how big businesses had now trouble getting their loans & grants!

this guy works for JP Morgan you know because he keeps inflating the markets

More Trump incompetence!

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U.S. banks in another mad grab for $310 billion in new small-business aidU.S. banks on Monday began another chaotic dash to grab $310 billion in fresh small-business aid released by the government, after 11th-hour changes to the first-come-first-served program led to technology issues for some lenders. What is she trying to measure ? If only there was an IG overseeing this money, instead of a couple of Trump's trick poodles. realDonaldTrump This kind of stupid mad dash to the money will not help the overall economy. realDonaldTrump SpeakerPelosi
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U.S. banks battle technology issues in race for $310 billion in new small-business aidU.S. bankers racing to grab $310 billion in fresh small-business aid worked through the night on Tuesday, with many battling ongoing technology problems created by 11th hour changes to the first-come-first-served program, multiple bankers said. One of the troubles with this country are the banks, keep them out of the small business loans in the bailout. Keep big Banks out today. Sorry, but this isn't going to go to small businesses. We've already seen what they think is a 'small business'.
Source: Reuters - 🏆 2. / 97 Read more »