Small business loan program restarts, runs into snags

Posted at 7:01 PM, Apr 27, 2020
and last updated 2020-04-27 19:01:44-04

NEW YORK — The second round of loan applications for the government’s program to aid small businesses hit by the coronavirus has been slowed by computer issues at the Small Business Administration.

Bankers are complaining that they can’t get their applications into the SBA system that processes and approves loans.

The agency says it notified lenders Sunday it was limiting the number of applications any lender could submit at once, but the head of a banking trade group says the change was too last-minute.

The first round of loan applications was also slowed by computer issues at the SBA.