Small-business loan processing platform crashed: report

Small-business loan processing platform crashed: report
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The Small Business Administration’s (SBA) loan processing platform crashed on Monday and was down for hours, preventing lenders from processing any loans, Bloomberg News reported.

The system was back up on Monday afternoon. The SBA did not immediately respond to The Hill’s request for comment. 

On Friday, the SBA and the Treasury Department rolled out applications for the $349 billion Paycheck Protection Program, designed to provide loans for small businesses to meet payroll and other basic expenses during the coronavirus pandemic.

The Trump administration is still struggling to work out the program's kinks, as some banks say they remain unable to access the platform. 

Bank of America said Monday it had received more than 178,000 applications worth almost $33 billion, which is about 9.4 percent of the total available in the program.