NEW YORK — The second round of loan applications for the government’s small business relief program has been slowed by computer issues at the Small Business Administration.
Lenders are complaining that they can’t get their applications into the SBA system that processes and approves loans. The agency says it notified lenders Sunday that it was limiting the number of applications any lender could submit at once.
The head of the Consumer Bankers Association says the SBA’s change was too last-minute — bankers had already sent large batches of applications to the agency, not knowing that a new procedure was being planned.
The first round of loan applications was also slowed by computer issues at the SBA. The agency began accepting applications for $310 billion in loans Monday morning.
The Associated Press
