Small Business Loans Site Crashes Amid Flood of New PPP Applications
Alabama bankers couldn’t access the federal Paycheck Protection Program application site on Monday so that small businesses hurt by the coronavirus could apply for the loans.
Alabama Bankers Association President Scott Latham said the U.S. Small Business Administration promised that its systems would be prepared for action on Monday, but they were not.
“Despite the agency’s efforts to be ready, it has failed,” Latham said in a press release. “Bankers worked throughout the weekend in anticipation of E-Tran being ready to accept new PPP applications and will continue to stand ready so that much needed funding can be provided to small businesses across Alabama.”
The SBA’s online portal, known as the E-Tran, was overwhelmed on Monday because of a surge of applications that were double the amount it had during the initial round of PPP, a spokesperson from SBA told Alabama Daily News.
It had processed more than 100,000 applications from more than 4,000 lenders by 3:30 p.m. EDT on Monday, a press release said.
Rosemary Elebash, state director of the National Federation of Independent Businesses, said that if the loan system is not operational soon, it could mean disaster for many small Alabama businesses.
“We have people who, not only have they already applied and did not receive funding during the first round, but for the system to now crash when they thought that their application could be received is extremely disappointing, because they are depending on these loans,” Elebash told ADN.
Monday was the first day of reopening for the Paycheck Protection Program, which received $310 billion in new funds from Congress last week meant to help small businesses survive during the coronavirus epidemic.
The SBA said it is working to ensure system security and integrity while loan processing continues. The agency did not say when the E-Tran system would be fully operational again.
The PPP’s first round of loans started on April 3 with funds of around $349 billion, but that pot ran out within the first 10 days.
The Alabama Banker’s Association said that until the SBA resolves its E-Tran system problems, bankers are unable to help small businesses receive much needed PPP funding.
Park Fire in California could continue growing exponentially, Cal Fire officer says
Cal Fire has confirmed that over a hundred structures have been damaged in the Park Fire, which grew overnight near Chico, Calif. Difficult firefighting conditions are forecast through Friday night.
Checking in with Black voters in Georgia about the election, now that Biden is out
Some voters who could be key to deciding who wins Georgia. What do they think about Vice President Harris becoming the frontrunner in the race to be the Democratic nominee?
Tahiti’s waves are a matter of ‘life and death’ for surfing Olympics
Tahiti's Teahupo'o wave has a slew of riders for the Paris 2024 Olympics. NPR finds out why it's called one of the most dangerous waves.
Researchers are revising botanical names to address troubling connotations
Since the mid-1700s, researchers have classified life with scientific names. But some of them have problematic histories and connotations. The botanical community is trying to tackle this issue.
A spectacular opening ceremony wowed a global audience despite Paris’ on-and-off rain
The Paris Olympics opening ceremony wowed Parisians, fans and most everyone who was able to catch a glimpse of thousands of athletes floating down the Seine to officially begin the Games.
Kamala Harris faces racism and sexism as she moves closer to presidential nomination
As Vice President Kamala Harris ramps up her campaign for president, Republicans are trying out new — and old — attacks focused on her race and gender, including calling her a "DEI candidate."
