Small business loan processing platform crashed: report

Source: The Hill | April 6, 2020 | Alex Gangitano

The Small Business Administration’s (SBA) loan processing platform crashed on Monday and was down for hours, preventing lenders from processing any loans, Bloomberg News reported.

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On Friday, SBA and the Treasury Department rolled out applications for the $349 billion Paycheck Protection Program (PPP), designed to provide loans for small businesses loans to meet payroll and other basic expenses during the coronavirus pandemic.

The Trump administration is still struggling to work out kinks of the program as some banks say they remain unable to access the platform. 

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