Press Release: SBA Will Give Exclusive Access to the Paycheck Protection Program to Small Lenders Today

BOSTON, MA – Today, the U.S. Small Business Administration announced a dedicated window for small community lenders to access the Paycheck Protection Program (PPP). The window will be open on April 29, 2020 from 4:00 PM EST – 11:59 PM EST.

During this window, the SBA will only accept loan applications from lending institutions with asset sizes less than $1 billion to ensure their customers have access to the program.

“The Paycheck Protection Program is saving jobs and providing much-needed relief to help New England’s small businesses make it through this challenging time,” said Wendell G. Davis, SBA’s New England Regional Administrator.  “This exclusive window for small banks to access the program will help the SBA reach the smallest of small businesses.”

Lending institutions with asset sizes less than $1 billion will still be able to submit PPP loans outside of this time frame. Lenders with asset sizes greater than $1 billion will be able to submit loans outside of today’s exclusive window.

The PPP provides a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive PPP loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Find out more about PPP at:  www.sba.gov/ppp.