Second Round More Frustrating Than First
April 28, 2020
The second round of the Paycheck Protection Program, administered by the Small Business Administration, got off to an even rockier start on Monday, April 27, than the initial round. Robert Fisher, president and CEO of Tioga State Bank in Spencer, N.Y., was frustrated by the process.
Fisher told Forbes that he estimates that his bank has only been able to get eight or nine applications submitted and approved by the SBA out of a pool of about 90 because of glitches and error messages in E-Tran. Fisher is also chairman-elect of the Independent Community Bankers of America.
“It's probably actually more frustrating today than it was on April 3rd,” Fisher says. “I just find it amazing that community bankers are out there trying to help our communities, we're trying to help Main Street America and yet we're having difficulty getting access to the system that will help our customers and our communities.”
Fisher was not a lone voice in the wilderness on the issue. The crux of the issue is volume: in an emailed statement on Monday afternoon, the SBA said that “currently, there are double the number of users accessing the system compared to any day during the initial round of PPP.”
Read more about PPP program shortcomings.
A Yale University psychiatry professor calls on banks to make their services accessible to people with mental health issues
Several Proposals Have Direct Impact on Community Banks