FILE PHOTO: Treasury Secretary Steven Mnuchin addresses the daily coronavirus response briefing as U.S. President Donald Trump listens at the White House in Washington, U.S., April 2, 2020. REUTERS/Tom Brenner
The flood of new applications, combined with changes to the SBA loan submission process made on Sunday, caused technology problems for many banks using the SBA’s “E-Tran” processing website, which was not designed to handle so much traffic. Banks were sitting on hundreds of thousands of backlogged loan applications after the first $349 billion round of funding released on April 3 was exhausted in less than two weeks.
“I have been trying to access E-Tran since 10:30 yesterday. I have not had a connection for longer than a couple minutes. This is not the result of pacing. This is the result of a system that isn’t working,” Maria Amoruso, an executive at NexTier Bank in the Pittsburgh area, said in a post on Twitter.
Sorry, but this isn't going to go to small businesses. We've already seen what they think is a 'small business'.
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.
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Source: Reuters - 🏆 2. / 97 Read more »
U.S. banks gird for mad grab of another $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 it changed some of the rules of the first-come-first-served program at the 11th hour. The US makes more money when we all sit at home. Let’s switch to UBI, sit back, and see how high the debt can actually go!!! Is she giving away pens again? Its interesting watching how much Americans will tolerate. One day...one day it will click that every dollar the government doesn't spend on them is B*******! Taxes = People's money.
Source: Reuters - 🏆 2. / 97 Read more »
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
Source: Reuters - 🏆 2. / 97 Read more »
U.S. banks gird for mad grab of another $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 it changed some of the rules of the first-come-first-served program at the 11th hour. The US makes more money when we all sit at home. Let’s switch to UBI, sit back, and see how high the debt can actually go!!! Is she giving away pens again? Its interesting watching how much Americans will tolerate. One day...one day it will click that every dollar the government doesn't spend on them is B*******! Taxes = People's money.
Source: Reuters - 🏆 2. / 97 Read more »