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IPFS News Link • Welfare: Corporate

Small Business Bailout Demand So High, SBA Portal Crashes 4 Minutes After Second Round Launch

•, Tyler Durden

Two days after Congress approved on Saturday 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, lenders reported that they were shut out of the SBA's system to apply for relief loans, a sign that the program that restarted Monday with additional funding is already overwhelmed and the system crashed.

According to Bloomberg, just minutes after the SBA's Paycheck Protection Program relaunched at 10:30 am ET, lenders complained they either couldn't access the agency's system or were being kicked out as they tried to process applications on behalf of small-business owners, said Paul Merski of the Independent Community Bankers of America. The platform went down four minutes after it opened, according to a person familiar with the matter.