The Small Business Administration is giving special priority to small lenders with assets under $1 billion dollars today by only processing their clients' Paycheck Protection Program applications until 8:59 p.m. Tucson time tonight.
“In order to ensure special access to the PPP loan program for the smallest lenders and their small business customers, the SBA is only accepting loans from lending institutions with asset sizes less than $1 billion from 4 p.m. EDT until 11:59 p.m. EDT on April 29, 2020. 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," according to a joint statement by U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin.
The special access to smaller lenders also expected to help the SBA's future "loan system performance" to other lenders submitting PPP applications after today, according to the release.
Larger lenders are still able to submit their client's PPP loans during and after today's timeframe.
For more information on applying for PPP loans, click here.