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Dear Community Banker,
The Small Business Administration just announced that to ensure access for the smallest lenders and their small-business customers, its systems will only accept Paycheck Protection Program loans from lenders with less than $1 billion in assets between 4 p.m. and 11:59 p.m. (Eastern time) today, Wednesday, April 29.
The SBA noted that lenders of all sizes will continue to be able to submit PPP loans outside this timeframe. The SBA said it and the Treasury Department will evaluate whether to create a similar reserved time again in the future.
ICBA, affiliated state associations, and community bankers worked to ensure at least $60 billion of the PPP funds have been set aside for community financial institutions, including at least $30 billion for institutions under $10 billion in assets and another $30 billion for those with between $10 billion and $50 billion in assets.
The SBA reported yesterday that as of midday yesterday, community banks under $10 billion in assets neared the $30 billion in PPP funds set aside for them by the law restarting the program. These entities will continue to be able to submit loans to be funded by the $250 billion in general funds authorized for the second phase of the PPP.
As I said in a national news release earlier this week, many community banks found themselves continually kicked out of the SBA systems after the PPP went live. Community bankers can direct E-Tran and SBA Connect Lender Gateway assistance questions to the SBA at 833-572-0502 or [email protected].
Additional guidance and resources are available on Treasury’s PPP webpage and ICBA's COVID-19 resource center. Further, ICBA's next complimentary briefing on the COVID-19 response is scheduled for 11 a.m. (Eastern time) this Friday, May 1.
ICBA will continue to keep you informed of the latest updates on the resumption of the program. Thank you for all you are doing to meet the needs of your customers and communities during this challenging time.
Sincerely,