International Community Bankers: SBA is improving PPP
The Small Business Administration’s management of the Paycheck Protection Program improved last week after the Independent Community Bankers of America complained to both the agency and to Congress about the SBA’s performance, a key ICBA official has told The Hagstrom Report.
“We are doing well but keeping extremely busy with the PPP program,” Mark Scanlan, the ICBA senior vice president for agriculture and rural policy, said in an email on Friday.
“There were a lot of problems with the second launch of the PPP program, ridiculously bad problems starting with Monday’s launch with banks trying to submit PPP loan applications but being unable to do so,” Scanlan said.
“ICBA and our members complained to Congress and SBA. The SBA’s systems gradually became able to accommodate more loans and these problems eased quite a bit as the week went on.
“We were pleased that SBA also allowed a window for only small lenders to approve loans to ensure that they and their small business customers had success with to loan applications.”
Scanlan noted that the issues had been covered in recent ICBA newsletters.