Removing Barriers Blog

Today! 4:00 PM ET Small lender Access to PPP
Posted April 29, 2020 by CUNA Advocacy

The Small Business Administration (SBA) and the US Department of the Treasury (Treasury) announced that on April 29, 2020, from 4:00 PM EDT through 11:59 PM EDT,  the SBA systems will only accept PPP loan applications from participating lenders with asset sizes less than $1 billion.

This is intended to ensure access to the PPP loans for the smallest participating lenders and their small business members.

Participating lenders with asset sizes less than $1 billion can still submit PPP loan applications outside of this time frame. Participating lenders with asset sizes exceeding $1 billion can submit loans outside of today's 4 PM EDT through 11:59 PM EDT reserved submission time frame.

SBA and Treasury will continue to monitor PPP loan system performance and will continue to provide frequent updates.

This announcement comes after CUNA and other financial trade associations wrote to SBA Administrator Jovita Carranza last night to address continued concerns with the Paycheck Protection Program (PPP) loan submission process and E-TRAN access issues. 

“Unfortunately, with the start of the second round of funding many lenders are having significant problems submitting loan applications into the SBA’s system, preventing them from delivering this critical financial assistance to small businesses that desperately need it. Quite simply, it is taking too long to submit loans and get these funds where they need to go,” the letter reads. “We respectfully request that you help us resolve these access issues, or at least explain to our members what is causing the problem.