On Saturday, Congress approved another $310 billion in Small Business Administration Paycheck Protection Program loans after the original $349 billion in funding ran out in just a matter of days.
The PPP lending program was scheduled to resume at 10:30 am ET on Monday, but the portal seems to be having issues handling the demand.
A source within the community banking business told Benzing the PPP system appears to be down nationwide. After placing a call to the SBA help desk, the source said the SBA system is down and they are unable to confirm loan numbers at this time, leaving bankers “on pins and needles.”
CNBC’s Dawn Giel tweeted that an industry source confirmed that the platform did open at 10:30 a.m. as planned, but was giving applicants an error message within four minutes.