U.S. small-business rescue loan program enters fourth day plagued by technical problems

[turbinetree]

Source: Reuters

BUSINESS NEWS APRIL 6, 2020 / 12:05 PM / UPDATED AN HOUR AGO

Pete Schroeder, Michelle Price
4 MIN READ

WASHINGTON (Reuters) - The U.S. government’s $349 billion small-business rescue program entered its fourth day on Monday, plagued by ongoing technology and processing problems that are delaying disbursements to businesses hurt by the novel coronavirus, according to industry groups, bankers and an email seen by Reuters.

U.S. lenders, inundated by thousands of loan applications, struggled to access the government’s technology system for processing the paperwork over the weekend, while that paperwork also changed more than once, the sources said.

“We know that your efforts have been frustrated with system issues, policy questions and slower than usual responses,” the Small Business Administration’s Regional Offices wrote to bankers on Saturday evening, according to an email seen by Reuters. “We are working to improve all of those issues,” it added.

Many lenders have had problems signing up for new user accounts with the SBA’s platform, and with unlocking or resetting passwords for existing user accounts, the email said, adding the SBA was working to unlock all of the existing user accounts in one batch.

Read more: https://www.reuters.com/article/us-health-coronavirus-stimulus-banks/u-s-small-business-rescue-loan-program-enters-fourth-day-plagued-by-technical-problems-idUSKBN21O25F?il=0

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Isn't this the same agency that the libertarians wanted cut and gutted...................

[bucolic_frolic]

1. They think this will lead to economic restart

as if everyone just took a long, long, long weekend.

The site seemed to say all the stimulus grants will be forgiven. But how much business will there be to go back to? Customers are hurting, they move on, they tighten their purses. Consumerism is on trial here, and many will finally realize there's more to life than plastic junk from Target.

[progree]

2. Trump: "I inherited a mess" ... "We were blindsided"

I'm sure we'll be hearing that again. And:

"If 100 businesses get these loans, that will be a great success ... bigly great success"

[FBaggins]

3. There will be ongoing issues

The banks would have severe problems with "just" delivering on what was promised in the bill (WAY more transactions than they're equipped to handle). Add the fact that many of the bankers are working remotely and this is going to be a mess.

Doesn't mean that it isn't worth doing... and some banks will do better than others (and thus profit from it)... but there's no way that the president's promises will be delivered on.

[elleng]

4. Right

[ResistantAmerican17]

5. Clearly they should have gone to Jared

[Skittles]

6. you can bet it was cut and gutted

probably "run" by a Trump ass kisser

[RussBLib]

7. But Trump said the rollout was "flawless"

And there was no argument from the press.