An update
Despite the SBA loan portal crashing on Monday 2 minutes after additional funds were made available-the small Community bank I work for managed to fund almost 70 additional loans for over $4mm This helped small businesses in this area preserve over 1000 jobs. 90% pf these loans were for under $100k
The news has been full of some of the unintentional consequences and companies that got funds that should perhaps not have- despite all of that, considering the speed in which it was put together, the ancient systems of the SBA, and the quickly rolled out rules this is an amazing program. I have never had more customers thanking me, crying etc.... Some of the most amazing experiences of a 30 year banking career