By Reuters Staff
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WASHINGTON (Reuters) - The U.S. Small Business Administration (SBA) on Tuesday said it had approved 400,000 more pandemic relief loans worth $35 billion and was trying to fix issues operational snags with the program raised by lenders.
The SBA launched the third round of the Paycheck Protection Program (PPP) this month, but significant changes to its rules, process and technology platform, has caused problems that were slowing approvals, a bank group said on Tuesday.
Companies looking to apply for a second PPP loan were encountering technical hurdles the American Bankers Association said, while lenders are also receiving a “high number of incorrect error messages” when they submit loan applications.