News : Regulatory News

Paycheck Protection Program (PPP) Lending Operations Update

Wednesday, April 29, 2020  
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To ensure access to the PPP loan program for the smallest lenders and their small business customers, starting at 4 p.m. today EDT through 11:59 p.m. EDT, SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion dollars. 
Please note, lending institutions with asset sizes less than $1 billion will still be able to submit PPP loans outside of this time frame. Please also note that lenders with asset sizes greater than $1 billion will be able to submit loans outside of today’s 4pm -11:59pm EDT reserved processing time.
This reserved processing time applies today April 29, 2020. SBA and Treasury will evaluate whether to create a similar reserved time again in the future. 
SBA and Treasury continue to monitor loan system performance and will continue to provide frequent updates to the lending community.

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