“I applied for funding at a local bank. Other than the initial email I did not hear back from them on status. So I applied to PayPal,” wrote one Reddit user, who claimed they ended up being funded by both banks. “Something is fubar with the SBA system.”
"Your application is still in Stage 1, with an extremely large volume of applications ahead of you,” read one such message from Chase."You can decide if you would like to try applying with another lender."according to a Reuters report A Bank of America senior executive said the situation had not been an issue. Wells Fargo and Citibank declined to comment on the record. But JPMorgan Chase and three alternative lenders, PayPal, Square, and BlueVine, confirmed they were working with the SBA to resolve the problem.
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Not incompetence if 'flying by the seat of their pants' That phrase means trying to do something that you've never done before w/o training & skill. This is not incompetence. It's ppl being directed to do things in a brand new situation. Better solution: open the economy back up!
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