PPP Loans Round Two

PPP Loans Round Two

(FinancialHealth.net) – Small businesses were finally able to file for the help they needed on April 27 as the second round of Paycheck Protection Program (PPP) loans began. Well, that was the plan. Unfortunately, the rollout was reminiscent of the first, and the system was plagued with glitches again.

According to a CNN report, the E-TRAN system the Small Business Administration (SBA) uses for banks to upload applications was experiencing technical problems.

Bankers expressed their frustration as they tried to submit documentation to the agency.

Small businesses across the country are in desperate need of these loans. Many weren’t able to get help after the CARES Act went into effect. Not only was the system a mess, but big companies drained the SBA of funds by taking at least $870 million.

Experts believe the money will run out in about a week. After that happens, there’s no telling when or if businesses will get more help. Congress is currently discussing a Phase 4 stimulus package, according to a FOX Business report, but nothing is concrete.

~Here’s to Your Financial Health!

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