Breaking News: Today Only, SBA Restricts PPP Loan Application Access To Smaller Lending Institutions
For the remainder of the day, the Small Business Administration (SBA) has temporarily restricted access to Paycheck Protection Program (PPP) loan applications to banks with assets of less than $1 billion. The window is from 4 pm ET until 11:59 pm ET today only.
The move is part of the SBA’s effort to ensure that all eligible small businesses have access to this funding to sustain their businesses and keep their employees on payroll. These banks will still be able to apply for PPP loans outside this window. SBA announced they will consider implementing another reserved application window again in the future. Click here for more information about the PPP loan program or contact your bank to apply.