As expected, the system for submitting the second round of Payroll Protection Program Loans has been plagued with the overload of submissions that started from go yesterday morning. Many banks had thousands of loan applications in the queue, and the system managed by the SBA is not capable of handling this.

What this means to business owners waiting in the queue is that you will need to be patient and see what happens and when it happens. Apparently, there is a maximum of 350 loans per hour that the system can process and issue E Tran numbers to, according to the article below.

Despite our thought that the funds would go very quickly, it will be up to the system to determine when all funds have been exhausted and at this pace will take some time for this to officially occur.

As such, If you have not yet submitted your loan and believe that you would like to, we encourage you to do this as soon as possible, however it is unknown if you would get into the queue or not and if you would be able to be funded.

We will continue to keep you posted as we have more information available about the program and the status of submissions.