U.S. Government Platform for Small Business Relief Claims Crashes

The Small Business Administration’s (SBA) platform for processing loan applications crashed for hours on Monday.

The New York Times reported that banks were unable to submit applications for the Paycheck Protection Program from about noon E.T. on Monday until late afternoon. The SBA reported around 6 p.m. Monday that the system was back online.

“We continue to process, approve, and guarantee billions of dollars of loans per hour,” an SBA spokesperson said.

In addition to the crash, Politico reported that the SBA system was requesting loan documentation lenders didn’t know that they had to provide. Sources told Politico that banks don’t have the template of a key SBA form needed to close out loan applications.