The rollout of the coronavirus loan program geared toward helping small businesses stay afloat has been frustrating for those who are trying to take advantage of what the program has to offer.
Technical and regulatory issues have small businesses in limbo, barely able to stay afloat while waiting to get the funds that they are entitled to.
While some banks have already maxed out their loan capacity, others have yet to launch their online application portal.
“While some kinks are being worked out, other major issues remain. The SBA hasn’t yet told banks what language to put in promissory notes when distributing funds, running the risk of the loans being invalidated. And an Amazon Web Services system that would automate the manual submission of applications isn’t up and running yet.”