Powershell to create new subsite with custom template?

I have created a custom template of a subsite I wish to reuse within the same site collection.

Of some reason, using the UI's _layouts/newsbweb.aspx is spinning. It's a very small subsite, not sure what the holdup is.

The site was saved as template called "presentationsTemplate".

New-SPWeb http://somesite/subweb1 -Template "presentationsTemplate"

Getting "Template is not found and not applied."

Thanks