Computer issues at SBA said to hold up small business loans
NEW YORK (AP) — Small business owners hoping for quick help from the government’s emergency $349 billion lending program were still waiting Tuesday amid reports of computer problems at the Small Business Administration.
A trade group for community bankers and the CEO of an online lending marketplace say the SBA’s loan processing system stopped working Monday, making it impossible for loans to be processed.
It was not known if the system was working Tuesday. The SBA did not respond to requests for an update. Thousands of small businesses are at risk of failure without a cash infusion.