April 6, 2020 / 8:55 PM / 2 months ago

Senior administration official says reports small business loan system crashed are 'not accurate'

WASHINGTON (Reuters) - It is “not accurate” that banks were unable to submit small business relief loan applications after the Small Business Administration’s portal crashed, according to a senior administration official.

“SBA continues to process/approve/guarantee billions of dollars in loans and continues to add lenders to the system,” the official said.

Reuters and other outlets reported earlier on Monday that the SBA submission platform had crashed for hours, according to banking sources.

Reporting by Pete Schroeder; Editing by Sandra Maler

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