(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.
Our member banks across the country are deeply frustrated at their inability to access @SBAGov's E-Tran system. We have raised these issues at the highest levels. Until they are resolved, #AmericasBanks will not be able help more struggling small businesses.
— Rob Nichols (@BankersPrez) April 27, 2020
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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