The SBA told banks that for the rest of the day, starting at 4 p.m., its systems would accept only so-called Paycheck Protection Program loan applications from lenders with less than $1 billion in assets, representing the smallest in the industry
The Small Business Administration on Wednesday said it would temporarily restrict incoming applications for emergency small business loans to only those submitted by the country's tiniest lenders, an unprecedented move by the agency as it triaged hundreds of thousands of incoming requests for aid.
The announcement was the Trump administration's latest sudden shift in the program, which Congress created to help minimize layoffs during the pandemic. The change came as organizations representing thousands of large and small lenders nationwide urged the SBA to shore up its system for processing emergency small business loans or explain why it can't be done.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SBA to Face Big Challenges Ensuring Coronavirus Loans Aren’t MisspentThe Small Business Administration’s $670 billion pandemic aid package lacks one of its usual bulwarks against fraud and improper spending, which could strain efforts to make sure the money is spent appropriately.
Read more »
Obama’s SBA head on PPP loans: I’m disappointed at what we put small businesses throughThe former Small Business Administration head Maria Contreras-Sweet says she's disappointed by what the agency is now putting small businesses through.
Read more »
Trump lauds 'amazing' SBA loan program as big banks feel angstPresident Trump on Tuesday touted the 'amazing' numbers of emergency small business loans being issued — even as anxious lenders warned that the administration was leaving scores of their customers in limbo
Read more »
Bank of America sent 184,000 PPP applications to SBA but has only received 1,000 loan numbers from the agency so farBank of America sent 184,000 Payroll Protection Applications to the Small Business Administration on behalf of clients, according to a letter shared with CNN. Yet the SBA has only approved 1,000 of those loans so far, according to a bank spokesperson.
Read more »
Obama’s SBA head on PPP loans: I’m disappointed at what we put small businesses throughThe former Small Business Administration head Maria Contreras-Sweet says she's disappointed by what the agency is now putting small businesses through.
Read more »