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Smaller Lenders Get 8-Hour PPP Window
Addressing concerns that smaller banks and other lenders were being "shut out" of funds in the federal Paycheck Protection Program (PPP) loan program, the Small Business Administration (SBA) announced that during an 8-hour window (4:00 pm-11:59 pm EDT) on April 29th, it would accept PPP applications only from lending institutions with asset sizes under $1 billion. Lenders with assets of more than $1 billion can submit claims outside of this time period.

The SBA is making this effort to make funding accessible to small businesses after complaints that large businesses received a large portion of the $349 billion Congress initially devoted to the PPP.

The SBA also said that it will no longer accept PPP loan applications submitted by robotic process automation systems. This update was made with the intention of making the loan processing system more reliable, accessible, and equitable for small businesses.

For assistance with a PPP application or more information please contact Gray, Gray & Gray at (781) 407-0300.

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