UPDATE 5-Tech issues hobble U.S. banks' mad grab for $310bln in new small-business aid [Reuters (UK)]
JP Morgan Chase & Co. (JPM)
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Source: Reuters
Tech issues hobble U.S. banks' mad grab for $310 billion in new small-business aid - Reuters 6 Min Read WASHINGTON (Reuters) - U.S. banks beginning another chaotic dash to grab $310 billion in fresh small-business aid released by the government on Monday were hamstrung after 11th-hour changes to the first-come-first-served program caused technology issues for many lenders. The Small Business Administration reopened its Paycheck Protection Program at 10:30 a.m. EDT (1430 GMT), allowing lenders to resume processing applications from businesses hurt by the novel coronavirus shutdown. But changes the SBA made on Sunday to the way it accepted loan submissions appeared to cause technology problems for some bankers using its “E-Tran” application processing website, which was not designed to handle huge volumes of traffic. “So ETRAN lasted a whole 2 minutes before crashing... It’s going to be a long 48 hours,” tweeted Alec Downing of First Farmers Bank & Trust in Indiana. Rob Nichols, chief e
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