PPP Portal Opens to Small Lenders Only for 8 Hours
On Wednesday, April 29, the U.S. Treasury and Small Business Administration (“SBA”) announced that for eight hours, big banks will be prevented from accessing the Paycheck Protection Program (“PPP”) portal. During this time, small lenders will have exclusive access to submitting applications for PPP loans. A lender with under $1 billion in assets qualifies as a “small lender,” and will continue to have access from 3 p.m. to 11 p.m. CST. SBA has indicated that it will consider reserving additional time for small lenders in the future.
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