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SBA loan system is overwhelmed with loan requests skyrocketing

(KOLNKGIN)
Published: Apr. 29, 2020 at 10:46 AM CDT
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Baking industry groups say the loan processing system is unable to handle the volume of loan applications from business owners, trying to get their share of the $310 billion Paycheck Protection Program.

The SBAs loan system can only handle 350 applications an hour, while tens of thousands of owners are applying per hour now.

Terry Rosenberger of Northwest Bank says at least 300 of their clients will benefit from the program.

The SBA didn't provide a comment, the head of the agency

​ that it had already approved more than 100,000 applications.

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