Round Two of PPP Loans
Unfortunately, small businesses were unable to secure the second round of Paycheck Protection Program (PPP) loans. The plan was for them to roll out on April 27th, 2020. However, that was not the case due to technical errors. The system that the Small Business Administration (SBA) uses for banks, called the E-TRAN system, was struggling to handle uploading applications.
Many bankers were getting frustrated with the lack of the ability to handle their documentation properly. The reason bankers are extra stressed is because they know how much small businesses need this assistance. A majority of these businesses were not able to get the proper assistance they were desperate to get from the CARES Act due to big businesses getting the funds they needed.