Thursday, April 30, 2020

Bank and CU Groups Call on SBA to Fix E-Tran Problems

Nine trade associations representing banks and credit unions in April 28 letter to the Small Business Administration (SBA) Administrator Jovita Carranza called on the SBA to resolve the E-Tran system access problems that have plagued round two of the Paycheck Protection Program (PPP).

The trade groups wrote: "Quite simply, it is taking too long to submit loans and get these funds where they need to go."

‌In addition to urging SBA to prioritize E-Tran access improvements, the groups called on the agency to communicate transparently with the industry and the public about the problems. "If the pace and performance of the E-Tran system cannot be improved, then we ask that you share that information with the public to help manage expectations for all of the small businesses still counting on PPP for a lifeline," they said, adding that they "have found the lack of transparency and timely guidance on the PPP process impedes the funding of loans to small businesses in need."

The trade groups signing the letter were American Bankers Association, Bank Policy Institute, Community Development Bankers Association, Consumer Bankers Association, Credit Union National Association, Financial Services Forum, Mid-Size Bank Coalition of America, National Association of Federally-Insured Credit Unions, and National Bankers Association.

Read the letter.

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