U.S. banks on Monday began another chaotic dash to grab $310 billion in fresh small-business aid released by the government, after 11th-hour changes to the first-come-first-served program led to technology issues for some lenders.
FILE PHOTO: House Speaker Nancy Pelosi delivers remarks before signing H.R. 266, the Paycheck Protection Program Healthcare Enhancement Act, an additional economic stimulus package that passed earlier in the week by the U.S. Senate, during a signing ceremony on Capitol Hill as the coronavirus disease outbreak continues, in Washington, U.S., April 23, 2020. REUTERS/Tom Brenner /File Photo
Rob Nichols, chief executive of the American Bankers Association, the country’s largest bank trade group, tweeted that bankers were “deeply frustrated” with the technology issues that he had raised “at the highest levels.” He added it would be “very challenging” for anyone who has not already applied for a loan to successfully do so this week.
On Sunday, the SBA said it would try to mitigate that problem by allowing banks to submit a minimum of 15,000 applications in a one-off bulk filing, leaving smaller lenders pushing applications through E-Tran one by one. Around Monday lunchtime, the SBA said it would lower that threshold to 5,000 and imposed a submission deadline of Monday, 9 p.m. EDT.
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