With implausible volumes of applications since the launch of the Program on April 3rd, 2020, the systems involved in the forgiveness program i.e. mainly the SBA E-Tran system has hit some roadblocks in the earlier days (refer this article and this). While the big banks like Bank of America, were able to take in many applications, for SMB Banks & Credit Unions the ability to process these applications and disburse the amounts is key here as the window is small.
The key system in applying for a Loan is the one that’s used for submitting a loan, which is the SBA’s online loan guaranty origination/servicing portal – E-Tran system(CAFS). Lenders get to enter loan information on individual loans on a web page or there are other software packages that enable loan data file transfer in XML format to E-Tran database.