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Computer issues at SBA said to hold up small business loans

Posted at 10:23 PM, Apr 07, 2020
and last updated 2020-04-08 01:23:51-04

Small business owners hoping for quick help from the government’s emergency $349 billion lending program were still waiting amid reports of computer problems at the Small Business Administration.

A trade group for community bankers and the CEO of an online lending marketplace said the SBA’s loan processing system stopped working Monday, making it impossible for loans to be processed.

The SBA did not answer a questions about the system Tuesday Thousands of small businesses are at risk of failure without a cash infusion.

The loans offer forgiveness if the proceeds are used for workers’ pay, and payments can be deferred for six months.