Frustrated bankers on Tuesday directly appealed to President Donald Trump to fix problems with a Small Business Administration system that is holding them back from issuing $350 billion in government-backed loans designed to avert mass layoffs during the coronavirus pandemic.
“That means those community banks have been boxed out and unable to serve their communities and their customers,” he said. On the White House call, Community Spirit Bank CEO Brad Bolton told Trump that many of his fellow bankers remained “on the outside looking in, unable to gain access to the SBA E-Tran system.” He urged Trump to deploy resources to make sure every community bank can use it.
The president said the SBA had processed more than $70 billion in loans, though banks have reported they still don't have what they need from the administration to actually get funds to borrowers.
The screwover of small businesses by Congress was clearly intentional.