The Small Business Administration will resume taking Paycheck Protection Program loans via its E-Tran platform on Monday morning at 10:30 a.m. EDT, SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin said today. “This will ensure that SBA has properly coded the system to account for changes made by the legislation,” they added.
President Trump signed a bill earlier today appropriating more than $320 billion for the PPP. Of this, a minimum of $30 billion will be set aside for community development financial institutions, banks and credit unions with less than $10 billion in assets. Another $30 billion at least will go to banks and credit unions with assets between $10 billion and $50 billion. (Institutions in these categories may originate PPP loans above these levels.)
ABA President and CEO Rob Nichols thanked Congress and the president for providing more PPP funding. “While this program has already provided a critical financial lifeline for nearly 1.7 million struggling small businesses hurt by COVID-19, millions of other businesses are still looking for help,” he said, adding that the new funding “will allow America’s banks to quickly deliver additional relief to as many of those small businesses as possible, saving jobs and limiting the economic damage from COVID-19.”
