With banks across the country working through the weekend to make and fund loans through the Small Business Administration’s Paycheck Protection Program, Treasury Secretary Steven Mnuchin and several other senior Treasury and SBA officials met on Sunday morning with ABA banker leaders to answer questions and hear feedback.
During a video teleconference with ABA board members, state bankers association executives and other ABA leadership bank CEOs, Mnuchin reiterated the importance of bankers’ role in delivering relief to small businesses amid the coronavirus pandemic. He also expressed his view that it will be important for members of Congress and the president to provide more PPP funds when the $349 billion currently allocated runs low. Mnuchin and other Treasury officials addressed numerous questions from ABA members, with answers to be reflected both in Treasury guidance and. ABA’s FAQ document.
Responding to concerns from banks that were unable to access SBA systems on Friday, SBA officials emphasized that they have been balancing security and speed in providing access to the systems that allow banks to make PPP loans. As of Sunday morning, nearly 1,900 lenders had processed almost 78,000 PPP loans totaling $22 billion, the officials said, adding that up to 150 lenders are being approved to make PPP loans each hour and that new systems designed to help banks connect to SBA and process PPP loans are expected to go on line as soon as Monday.
ABA continues to share banker concerns with Treasury and SBA staff and is engaged at the highest level with agency leaders to ensure banks can efficiently respond to the massive business demand for PPP loans as the COVID-19 lockdowns continue.