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April 8, 2020

Computer issues at SBA said to hold up small business loans

  • Thousands of companies are at risk of failure without a cash infusion.
    • By KEN SWEET and JOYCE M. ROSENBERG
    AP Business Writers

    NEW YORK — Small business owners hoping for quick help from the government's emergency $349 billion lending program were still waiting Tuesday amid reports of computer problems at the Small Business Administration.

    The SBA's loan processing system stopped working Monday, making it impossible for loans to be approved and funds distributed, according to a trade group for community bankers and the CEO of an online lending marketplace. And there was confusion about the documents lenders needed from customers to complete loan transactions, they said.


     
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