HURRY: New round of Paycheck Protection could be gone in 48 hours

SBA online portal crashes as banks send a new wave of applications

As of 3:30 p.m. Monday, the Small Business Administration (SBA) processed more than 100,000 Paycheck Protection Program (PPP) loan applications submitted by more than 4,000 lenders, according to the SBA.

But the SBA’s online application portal continued to be plagued with problems, national reports indicate.

The first round of potentially forgivable federal loans disbursed nearly $349 billion to about 1.6 million businesses nationwide, forcing the SBA to process some 14 years of typical small business loans in just 14 days.

RELATEDPaycheck Protection applications can resume today

This second round of the program has $310 billion available and could be gone within 48 hours, some are saying.

Essentially, if you want to apply, you need to move today.

Rob Nichols, president of the American Bankers Association, expressed frustration Monday afternoon with the SBA’s technical issues in taking applications.

“Our member banks across the country are deeply frustrated at their inability to access @SBAGov’s E-Tran system,” Nichols tweeted Monday. “We have raised these issues at the highest levels. Until they are resolved, #AmericasBanks will not be able help more struggling small businesses.”

Another industry leader shared that frustration.

“After working tirelessly to get ready for the second round of PPP funding for their customers and communities, most community banks found themselves continually kicked out of the E-Tran system this morning after the program’s relaunch went live,” Rebecca Romero Rainey, president and CEO of the Independent Community Bankers of America, said in a statement Monday. “It is unacceptable for community banks to be locked out when their customers need them most.”

The program offers forgivable, 1 percent interest loans for companies with no more than 500 employees.

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