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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Banks Hit With Suit Over Paycheck Protection Program Loan FeesThe country's largest banks are being sued for allegedly failing to pay as much as $3.8 billion in required fees in connection with the Small Business Administration's Paycheck Protection Program Sadly I’m not surprised about this Maybe trusting the same banks that caused the 08 crash to distribute tax payer's money was a bad idea?
Source: THR - 🏆 411. / 53 Read more »