[vollmarj]

Many banks were waiting to process the loans until the guidance settled down. Even the application form changed after the program officially launched. Guidance from the Treasury Department on how to apply and underwrite was a moving target for several days into the program launching.

Our bank said they were still doing diligence on all applications upfront before submitting the loans to the SBA even though the bank isn't actually liable for anything. This was causing about a 2 day lag time from starting to process the loan application to submitting it to the SBA. In our case that meant not getting the loan submitted before the funding ran out.