Bankers Frustrated with Crashing Loan Application Portal

The online portal to submit applications for the latest round of Paycheck Protection Program funds crashed within minutes of opening on Monday, reports The New York Times. The portal continued to have issues all day, frustrating bankers across the country who were trying to apply on behalf of clients who desperately need the money.

The Small Business Association, which is running the program, warned lenders that it would impose “pacing” limits and only accept 350 applications per hour from each lender, but bankers said they weren’t able to get through anywhere near that number.

Bankers took to social media to express their frustrations. Chief executive of the American Bankers Association, Rob Nichols, wrote in a Twitter post that the group’s members were “deeply frustrated” and until the problem was solved, ““#AmericasBanks will not be able to help more struggling small businesses.” Full Story

Related: Additional Small Business Funds AvailableTentative Deal Reached for Additional Small Business Relief.

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