President Donald Trump is insisting that his administration’s implementation of an emergency lending program for small businesses has been “flawless,” but CNN anchor Julia Chatterley explained on Tuesday morning that the president’s rosy assertion isn’t close to being true.
During a panel discussion about the program, Chatterley said that the sheer number of calls from distressed small businesses has been completely overwhelming the system, which so far has been unable to handle the large volume.
“These are massive glitches,” she said. “These are technology issues, the infrastructure can’t deal with it… I heard one of the largest banks in the country issued billions of dollars of loans, [but] they only managed to upload applications to the tune of thirteen — 1-3 — on Sunday.”
Chatterly then explained how the program is having difficulties with its website that is reminiscent of the early days of the Obamacare website that notoriously crashed after launching in 2013.
“The website even went down for several hours yesterday,” she said. “The system’s not working at this stage and that’s impacting small and medium-sized businesses badly.”
Chatterly said that this situation is particularly dire for small businesses because their low cash reserves will not allow them to wait for weeks to get their loans approved.
Watch the video below.
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