Round Two of PPP Loan Program Off to Rocky Start

Yesterday round two of the PPP loan program kicked off after Congress allocated an additional $310 billion to the program; following the launch there were complaints from both lenders and borrowers relating to delays and system glitches as the system was inundated with requests; the SBA’s infrastructure was never meant to handle this kind of volume; according to some complaints the portal was unresponsive within an hour and was down for the rest of the day; the SBA did make some attempts to improve the process from last time including asking banks to submit applications in batches of 15,000 loans which was subsequently reduced to 5,000; the SBA shared that they had processed 100,000 PPP loans through 4,000 lenders by late afternoon on Monday. The Wall Street Journal

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