The relaunch of the federal government's massive small business rescue faltered on Monday, with banks reporting they were unable to move forward with a backlog of hundreds of thousands of loan applications amid widespread technical hurdles
The relaunch of the federal government's massive small business rescue faltered Monday, with banks reporting they were unable to move forward with a backlog of hundreds of thousands of loan applications amid widespread technical hurdles.
The rescue is under intense scrutiny after several large companies with access to financial markets were able to secure tens of millions of dollars from big banks in the first wave. "It’s like running to grab your toys on Christmas morning and Santa Clause closed the bag," said Cynthia Blankenship, vice chair and corporate president of Bank of the West in Grapevine, Texas. "Sad."
"Our member banks across the country are deeply frustrated at their inability to access @SBAGov's E-Tran system," American Bankers Association CEOMonday afternoon. "We have raised these issues at the highest levels. Until they are resolved, #AmericasBanks will not be able help more struggling small businesses."
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