News COVID-19

Paycheck Protection Program Statement Issued

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April 30, 2020—U.S. Small Business Administration Administrator  (SBA) Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued a statement on the Paycheck Protection Program, according to a press release.

According to the statement, the SBA only accepted loans from lending institutions with asset sizes less than $1 billion between 4 p.m. and 11:59 p.m. Eastern Time yesterday in order to ensure special access to the PPP loan program for the smallest lenders and their small business customers. The SBA is working to ensure that all eligible small businesses have access to this funding to sustain their businesses and keep their employees on payroll.

All lending institutions, regardless of size, will still be able to submit PPP loans outside of this timeframe. This reserved processing time currently only applied to yesterday, April 29.

In addition to ensuring access for the smallest lenders, the SBA expects that providing the reserved processing time enhanced the SBA’s loan system performance for all users who submit loans outside of this time frame.

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