April 16, 2020
BREAKING NEWS — SBA: Paycheck Protection Program (PPP) Loans Will Reach Maximum $350 Billion Authorization “In Near Future”
- SBA will have no authority to accept PPP loans
- SBA will have no authority to accept PPP lender applications
- E-tran will shutdown
- Lenders will not able to adjust loan amounts within CAFS system
SBA announced the Paycheck Protection Program (PPP) loan volume “in the near future” will reach the maximum amount authorized and appropriated by Congress.
SBA will not have the authority to accept any new PPP loan or PPP lender applications. Additionally, lenders will not be able to load PPP applications into the Capital Access Financial System (CAFS or E-Tran), the SBA will not maintain a queue for PPP applications, and PPP loan amounts will not be able to be adjusted by lenders within the CAFS system.
In anticipation of the funds running out, the Senate introduced a $250 billion expansion to the small business stimulus lending program last week.
The Senate is expected to hold a brief session later today. However, there has been no news on whether both parties have come to an agreement. The SBA will continue to inform its lending partners of new updates should Congress authorize additional funds.
Submitting and Funding PPP (Paycheck Protection Program) Loans – Round 2 Funding
A Coleman Webinar
Date: Wednesday, April 22, 2020
Time: 2:00 p.m. Eastern