FORT WAYNE (WFFT) -- Some businesses owners trying to keep their business alive during the COVID 19 pandemic are facing tough times getting an SBA loan.
The CARES Act set up by the Federal Government is sending $350 billion to those hurting most, but bankers say they can't get any information into a system that rolled out too quickly.
"We're building the airplane as it's taking off," says Amber Van Til.
Van Til is President and CEO of the Indiana Bankers Association.
She says there were problems weeks before the SBA handled the loan applications.
"When Congress implements a program that has to go live one week after passage, you anticipate problems," she says. "There were many."
The CARES Act would act as a grant if the money given to businesses was used to pay salaries or payroll expenses, meant to speed up the recovery of small businesses.
Van Til says the resources just weren't available in time.
"The most prominent issue for banking on day one, we had a very small number of banks who were able to access the system," sans Van Til.