Glitches hamper second round of small business loan funding [CNN]
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Source: CNN
Glitches hamper second round of small business loan fundingByLauren FoxUpdated 2:00 PM ET, Mon April 27, 2020Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.Replay ...MT WATCH03:29Washington (CNN)The problems mirrored theinitial rollout of the Paycheck Protection Program earlier this monthif lenders were prioritizing the businesses that needed the money mostThe main issue centered around the system that the Small 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 pacing mechanism prevents any one lender from submitting thousands of loans an hour into the E-TRAN system. If a lender goes above the pacing limit they will get timed out," a spokesman for the SBA said.But a banking industry source said the problems were more widespread than the SBA was suggest
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