BREAKING: commitment to smaller businesses

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Pacific Northwest Region - April 29, 2020

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PPP Coronavirus Loans Icon


SBA will only accept PPP loans from lenders with asset sizes less than $1 billion today from 1 to 8:59 p.m. PT

 

In this breaking news announced via @SBAJovita, the Twitter account of SBA Administrator Jovita Carranza, the SBA will only accept loans from lending institutions with asset sizes less than $1 billion dollars today from 4 p.m. through 11:59 p.m. ET:

To assist small community lenders and ensure their small business customers have access to the #PaycheckProtectionProgram
Jeremy Field


SBA Pacific Northwest Regional Administrator Jeremy Field 
shares the following statement on the topic:

 

“As part of the SBA’s commitment to see Paycheck Protection Program (PPP) funding go to the small businesses that need it most in a process that is fast and fair, from 1-8:59 p.m. PT today [April 29] SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion dollars.

“So far, nearly 70% of all loans approved in the second round of PPP funding have been from small lenders with fewer than $10 billion in assets, typically community financial institutions and smaller federally-insured banks and credit unions. With fewer options for financing elsewhere, access to PPP funding is critical to our smallest lenders and their small business clients.

“Small businesses create two out of every three net new jobs. The PPP is helping our region’s small employers maintain these jobs that are vital to our local communities and national economy.

“The SBA and Treasury will evaluate whether to create a similar reserved time again in the future; and, will continue to monitor loan system performance. Lending institutions with asset sizes less than $1 billion will still be able to submit PPP loans outside of this time frame.”

 

For more information about PPP and other funding options for small businesses, visit:

SBA.gov/CoronavirusRelief

 


Continue to get updated information and resources at www.SBA.gov/coronavirus 

 

Follow us on Twitter at
@SBAgov or @SBAPacificNW

 

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