Tag: Small Business Administration

Outages and delays mar new small business loan program

The system the Small Business Administration is using to establish coronavirus relief loans was not functioning for most of Monday, banking executives said.

The electronic system the Small Business Administration is using to set up new coronavirus loans was down much of Monday, according to senior banking executives, making it impossible for many new loans to be guaranteed.

Billions of dollars in loans sought by small businesses trying to pay employees and keep their doors open were on pause as the SBA, supported by the Treasury, grapples with the demand on its system.

There are an estimated 30 million small businesses in America. Many are expected to apply for the program, which offers up to $10 million in loans that can turn into free grants if the businesses follow certain rules, which include using the money primarily for payroll. Continue reading.

House votes to reopen Treasury Dept., IRS

The Democratic-led House approved a bill Wednesday to reopen the Treasury Department, Internal Revenue Service and Small Business Administration, among other federal agencies.

The chamber voted 240-188 to advance the measure, with eight Republicans bucking party lines to back the bill, which is the first of four bills expected to be brought to the floor by Democrats.

The Republicans who voted to advance the measure Wednesday included Reps. Elise Stefanik (N.Y.), Will Hurd (Texas), Fred Upton (Mich.), John Katko (N.Y.), Brian Fitzpatrick (Pa.), Greg Walden (Ore.), Adam Kinzinger (Ill.) and Herrera Beutler (Wash.).

View the complete January 9 article by Juliegrade Brufke on The Hill website here.