WASHINGTON (NEXSTAR/AP)- President Donald Trump spoke Tuesday about supporting small businesses through the Paycheck Protection Program.
According to The Associated Press, banks trying to submit applications for thousands of small businesses seeking coronavirus relief loans have hit a bottleneck for a second day at the Small Business Administration.
Banking industry groups said Tuesday the SBA’s loan processing system is still unable to handle the volume of loan applications from business owners trying to get aid under the Paycheck Protection Program, part of the government’s $2 trillion coronavirus aid package. The SBA has said the slowdown is due to its attempts to limit the amount of loans any bank can submit at one time. But some banks say they’re not able to get any applications into the system.
Businesses are seeking loans from a $310 billion second round of funding aimed at helping them retain workers or rehire those who they laid off in response to the virus outbreak.
On Monday, SBA head Jovita Carranza tweeted that the agency had approved 100,000 loans.
You can watch the news conference above.