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April 29, 2020

SBA: Only lenders under $1B can submit for PPP from 4 p.m.-midnight today

Starting at 4 p.m. Eastern today, the Small Business Administration (SBA) is only allowing lenders with less than $1 billion in assets to submit loan applications for the paycheck protection program (PPP). These lenders will be the only ones with access to the SBA's systems until 11:59 p.m. Eastern today.

The SBA said this move is "to ensure access to the PPP loan program for the smallest lenders and their small business customers." After today, the SBA and Treasury will evaluate whether to pursue similar reserved times for small lenders in the future.

NAFCU continues to fight for improvements to the SBA's systems, including the E-Tran system used to submit PPP loan applications, as credit unions and other lenders experienced significant problems this week. Access NAFCU's PPP FAQs here.

Stay tuned to NAFCU Today for updates.

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