‘Extremely Disappointing’ And ‘Entirely Predictable’ — Slowdowns And Lockouts Plague Second Round Of PPP
Apr 28, 2020
The latest round of funding from the Paycheck Protection Program opened up on Monday morning at 10:30 a.m. ET with a new set of rules for distribution of the additional $310 billion in funds — but a familiar-sounding set of problems. Lockouts, login issues and sluggish systems marred the Small Business Administration’s loan approval process, with each bank unable to submit more than a few hundred applications. One bank was locked out of the system after submitting just 60 loans. The system is so limited in its current state that it will take nearly a month to get through the entire queue. See more at NBC News.