However, there's no way in the hastily fashioned system for the banks' computers and those of the Small Business Administration, which administers the Paycheck Protection Program loans, to talk to one another. Bankers have resorted to entering applicant information by hand into E-Tran, the proprietary system used by the SBA to guarantee loans and generate loan numbers.
With banks reporting tens of thousands of applications just in the first day, the system is already overwhelmed. The SBA usually processes about 60,000 loans in an entire year. Despite this, President Donald Trump said in a news briefing Saturday that,"in 24 hours, the SBA processed over 28,000 loans."Senior banking executives at Bank of America and Chase told NBC News they were still waiting on loan numbers to come back from the SBA, and so far had not processed any more than a trickle from the flood of applicants.
Bankers said they were working systems to automate and speed up the process but had no idea when these customers would start to see money in their accounts. An email from the Small Business Administration to lenders Saturday morning apologized for"ongoing technical issues," which included slowness and the inability of"many" lenders to create new logins or reset passwords.Some community banks, locally owned retail banks with less than $1 billion in assets, reported being able to make loans. Connect One Bank of New Jersey told CNBC Friday that they had processed a loan and deposited it into a customer's account.
Give them a frigging break . And remember most of these lenders are more on your team than Americans . Anything to make POTUS and his team look bad , right 😡 We will get our money 🇺🇸
Rosenchild 🚨 Veterans NOT collecting Social Security will have to file an IRS form 1040 / 1019 🚨The change the U.S. Treasury made for the COVID19 / Coronavirus Stimulus Checks DOES NOT APPLY to VETERANS that are NOT collecting Social Security. 🖥️ | NYTimes
Fake news...
Oh no. Thought Trump said everything is running perfectly. No problem at all. Who should we believe? I know I am not believing that moron who never stop lying
The loan process began Friday, right?
You made excuse after excuse for the bungled roll out of the Obamacare website. But now you're alarmed. Liberal hacks. That's all you are.
Banks have to sign on to offer small business loans and many banks don't want to do it . Let's see how much help that so called bill will produce. Every day that goes by and nothing is happening 45 is going to be on the hot seat
This article is a total hack job. Our loan were submitted. A friend of mine had his approved tonight.
🤥
Hmmm. Glitch? I think the administration is going to delay the disbursement of any funds as long as possible. I think it was a ploy to make Trump look like a hero.
TulsaTeresa All his appointees have been some of the worst possible choices. Munchkin, DeVos, Pruitt, Barr, Ross, etc etc
Please! CNN FoxNews CNBC FoxBusiness ... Stop just focusing on the problems with the PPP ! SmallBiz started applying for EIDL weeks ago and so far, bupkus! The $10k advances that were supposed to go out in 3 days? Nada!! Start covering these too! FireJovita
SURPRISED THEY DONT WANT TO DO THIS FOLKS
Potemkin government courtesy of Uncle Vlad.
Much like Obama Care you mean?
Remember the obamacare website that cost us over a BILLION?
It will work out SBAgov has done so much this week. Try reporting what realDonaldTrump mentioned today about the processed loans. Once the SBA has done its job You will have the choice to be fake news or not. WhiteHouse PressSec USA stevenmnuchin1 larry_kudlow
nbcnews or realDonaldTrump Who is correct? Totally different stories.
Sorta like the technical glitches Omamma had when Omamacare was launched and mediabitches did nothing and said even less.
Thats OK, they'll work it out, its not like this was planned for months.
Politicians passing laws that government software can't handle is nothing new. Not unique to the Federal or any state government or any particular administration. Politicians pass laws that make them look good without actually knowing if they can adequately implement them.
Surprise surprise. Idiots.
Loans are not much help on this situation.
Trump didn't get this memo. He was bragging how great things are going.
Oh how those technical glitches can bite you in the a$$! Remember when the GOP took such pleasure in harrasing the Obama administration when technical glitches kepted shutting down the the ACA website. CarmaIsABitch VoteSmarterAmerica
Is anyone really surprised by this?
If SRuhle is writing its trash. She is a bias leftist lunatic clown that hates this administration
The Trumpet's America: everything is f----d up beyond our wildest imaginations. We're in for a hell of a depression, folks. That is, those who survive.
'One day...' One fucking day and NBC shoots it down.
But, but realDonaldTrump said that everything is going perfectly.
Obamacare Website Failure Analysis: Why Site Crashed So Often During 2013 Launch And Mishandled $600M In Contracts
Strange, the Nations top lenders never experience glitches when it comes to collecting money. Hello 2008.
I said it was a bust the minute stevenmnuchin1 said it. They're all fucked. His buddy the moron realDonaldTrump must declare a total stay at home order.
I don’t know if has ever tried to get a loan, but it takes 30 minutes just to get a Kohl’s card. A small business loan or a home loan can be a damn 45 day affair when things are operating NORMAL. MiddleClassCoronavirusProblems
Then once it’s fixed, the left will bring it up for months lol
I am so mad at our government officials. We have citizens and businesses are both suffering. This nation hasn't done another to help rebuild American citizens.
ETTD
But HE said everything is going smoothly. Another lie?
This admin doesn’t want to save lives...don’t fall for the idea they care about your business dying either. Don’t be gullible!
Another grand promise that ends with nobody answering the phone
You mean a massive govt program meant to help millions was launched early and incorrectly? Sounds familiar it’s like ObamaCare all over again
Yet the trumptards still use the aca launch as a line of attack. Lmao Truly sad.
Don’t blame Russians again.
realDonaldTrump stevenmnuchin1 clustertrump
Vote for a clown, expect a circus