The Small Business Administration announced this afternoon that it will reserve an eight-hour block of time for lenders with less than $1 billion in assets to submit Paycheck Protection Program loan applications to SBA. This window will run from 4 p.m. EDT through 11:59 p.m. EDT today.
In a message to lenders, SBA said the reserved window is intended “to ensure access to the PPP loan program for the smallest lenders and their small business customers.”
SBA said all lenders will be able to continue submitting applications until 4 p.m. and resume after midnight. Lenders with assets under $1 billion will remain able to submit applications to SBA outside this window as well, according to the agency. “SBA and Treasury will evaluate whether to create a similar reserved time again in the future,” SBA added.
To assist small community lenders and ensure their small business customers have access to the #PaycheckProtectionProgram, today from 4 PM EDT – 11:59 PM EDT, @SBAgov systems will only accept loans from lending institutions with asset sizes less than $1 billion.
— Jovita Carranza, SBA (@SBAJovita) April 29, 2020