The system the Small Business Administration is using to establish coronavirus relief loans was not functioning for most of Monday, banking executives said.
The electronic system the Small Business Administration is using to set up new coronavirus loans was down much of Monday, according to senior banking executives, making it impossible for many new loans to be guaranteed.pay employees and keep their doors openThere are an estimated 30 million small businesses in America.
Customers wearing masks walk through the Dupont Circle Market in Washington, DC on April 5, 2020. - Small and medium-size US businesses have applied for more than $5.4 billion in government-backed loans as a key pillar of the country's coronavirus relief plan took effect, the Trump administration said.
When the system does work, banks say they experience major technical issues and access hurdles. Existing accounts had to be re-authorized and new ones created.Sign Up
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