SBA to Accept PPP Loans Only from Smallest Lenders for Eight Hours Today
In an effort to make Paycheck Protection Program (PPP) loans more accessible to small businesses, the Small Business Administration (SBA) will allow the smallest lenders and their small business clients an exclusive opportunity to submit applications from 4 p.m. to 11:59 p.m. ET today, Wednesday, April 29.
During the eight-hour period, the SBA systems will accept loans only from lending institutions with asset sizes less than $1 billion. Lenders with asset sizes greater than $1 billion will be able to submit loans outside of this period.
The SBA and Treasury will evaluate whether to create more reserved processing periods for smaller lenders at a later date.
PPP loans are available to small businesses that were in operation on Feb. 15 with 500 or fewer employees, including not-for-profits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Businesses with more than 500 employees in certain industries also can apply for loans.