Yesterday I included links to articles addressing conflicting applications of the Paycheck Protection Program (PPP), as businesses rush to apply for emergency funding to keep themselves open and their employees paid. Amid the swell of applications, another issue surfaced early and so far persistently: technical problems.
- From Politico: System crashes and delays in the Small Business Administration's E-Tran system (which is required to finalize authorization on loan applications) have resulted in more confusion and delays for banks and applicants. This and incomplete system forms or unexpected requests for additional documentation, is also driving concerns about unequal access to stimulus funds, depending on where an applicant lives and whether they use a big bank like Citi or JPMorgan Chase, or smaller community banks from their region. Read on for more.
PPP Update: By the end of the day on Friday, April 3, over 17,000 applications had been processed for loans, totaling $5.6B in support.