SBA receives more than 100,000 loan applications in the first five hours



In just over five hours, banks submitted more than 100,000 loan applications for the federal Small Business Administration’s Payroll Protection Program (PPP), the administrator co-signed in a tweet. Jovita Carranza.

Unprecedented demand is slowing the response time of our system“Carranza wrote a little over an hour ago and noted that More than 4,000 lenders have filed applications, a number he said “is double the number of users who accessed the system on any of the previous days during the first round of PPP funds.” The federal official asked for patience and assured that SBA is actively working to ensure the integrity and security of the system while the processing of requests continues.

Several people, including credit union executives, have commented on the network that they have been trying to enter applications all day and have not been able to.

José Julián Ramírez, executive director of the Association of Cooperative Executives of Puerto Rico, said that in this second round, cooperatives and credit unions have once again had problems with ETran. “The situation is extremely frustrating for these workers in our cooperatives who have been working all weekend to be ready today and have only processed a handful of requests because of the system that has completely collapsed,” said Ramírez.

The executive pointed out that Credit unions in the states of New York, Texas, Indiana and Florida also faced problems with ETran today.. Sources at El Nuevo Día pointed out that at one point Oriental Bank also had problems with the system, since it kind of fell or frozen and did not allow the entry of information. Meanwhile, Banco Popular did not drop the system, although it was slower than usual.

Cooperatives in Puerto Rico were able to upload the first case after five hours having started due to problems with SBA’s ETran system, ”said Ramírez.

This second round has about $ 310 billion in funds for SMEs, and merchants fear they will run out in less time than the first round, which only lasted two weeks.

.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.