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paycheck protection program mobile app Source: Shutterstock.

Even though the first days of the new round of Paycheck Protection Program loans were reserved for Community Development Financial Institutions, CDFI credit unions faced nagging problems that kept the program from running efficiently, Inclusiv President/CEO Cathleen Mahon told the Small Business Administration last week.

For instance, she said, the program was rolled out before the program was fully constructed by the SBA and the Treasury Department. “Initial time was lost making sure the application and supplemental documents were adequately built on websites, staff trained, and borrowers prepared with new rules and processes,” she wrote in a letter to the agency.

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