8:02 p.m. ET, April 6, 2020
Fact-checking Trump on performance of the small business lending program
During Monday's White House coronavirus task force briefing, Trump claimed that the Paycheck Protection Program -- a small businesses lending program -- has “really been performing well.”
Trump said there were a few “minor glitches that have already been taken care of.”
Facts First: CNN has reported significant issues to the Paycheck Protection Program (PPP), with system wide failures as lenders process these loans.
Days after the launch of the Small Business Administration's rollout of the PPP, there are still delays
in the system lenders use to upload loan application information and the money is still largely not going out to the businesses that need it yet.
According to an industry source who spoke to CNN, major system-wide failures continue to crop up in the PPP system, including shutdowns preventing the submission of applications from lenders on their system known as E-Tran. These issues have slowed down the ability for banks to participate in the loan program, this source tells CNN.
Additionally, several bank executives tell CNN they want the Treasury Department or the Small Business Administration to offer more guidance on how they are supposed to disburse funds. CNN reporting indicates there are also concerns among lenders who say they won’t cut checks until there is clear guidance on how they should distribute the money.
To read more about the early glitches in the small business lending program, read here