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Banks report easier time getting loan applications into SBA

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Posted at 2:06 PM, Apr 29, 2020
and last updated 2020-04-29 14:06:24-04

NEW YORK (AP) -- Banks are reporting a little more success in getting small business owners' applications for coronavirus relief loans into government processing systems.

Bank industry groups said Wednesday that changes the Small Business Administration made in its procedures apparently are helping lenders trying to submit thousands of applications for $310 billion in loans.

While banks were frustrated during the first two days of applications for the current round of coronoavirus relief loans, the SBA said late Tuesday it had approved nearly 476,000 loans totaling more than $52 billion.

Banks have thousands more loans to submit, and many owners are still applying for the relief.