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SBA Paycheck Protection Loan Program Snarled

 

Businesses that went to their local bank to begin applying for the SBA loan which is part of the SBA's stimulus package have found the  process in a state of disarray.  Mike Ewy, President of Community State Bank in Coffeyville and Vice-Chair of the Kansas Bankers Association says there are technical glitches with the system.

 

Ewy said many banks had problems accessing the system.

 

According to the Kansas Bankers Association banks did not receive guidelines until late Thursday and many of the banks are unable to access the system.  Ewy says the people he’s talked to believe the system should be functional early this coming week.  According to the KBA there are nearly 40,000 loan applications in the system’s que.

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