CNN reports glitches in second round of small business loan funding

Screen shot of  Paycheck Protection Program website
Screen shot of Paycheck Protection Program website(Source: SBA website)
Published: Apr. 27, 2020 at 3:37 PM CDT
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HUNTSVILLE, Ala. (WAFF) - CNN is reporting that technical issues are plaguing the second round of emergency funding for small businesses that opened Monday, with users reporting error messages and slow processing.

These problems are similar to the technical glitches in the initial rollout of the Paycheck Protection Program earlier this month.

The main issue centered around the system that the Small Business Administration uses for lenders to upload applications, known as E-TRAN. The SBA said that the system was adjusted to make sure that all lenders would be able to submit at the same rate per hour so that they would all be on equal footing.

The SBA has more information on the PPP and payments on its website.

Click here for the CNN story.

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