April 29, 2020
By Caity Witucki
BREAKING NEWS — SBA and Treasury Announce Reserved Processing Time for Lending Institutions with Less than $1 Billion in Assets
To ensure fair and equal access to the Paycheck Protection Program (PPP), the SBA and U.S. Treasury has announced a reserved processing time for lending institutions with asset sizes of less than $1 billion. Today, from 4:00 PM EDT to 11:59 PM EDT, SBA’s system will only accept loans from lending institutions with asset sizes less than $1 billion.
This reserved processing time applies only today. After today’s reserved processing time concludes, SBA and Treasury will evaluate whether to create a similar reserved time again in the future.
Please note, lending institutions with asset sizes less than $1 billion will still be able to submit PPP loans outside of this time frame. Please also note that lenders with asset sizes greater than $1 billion will be able to submit loans outside of today’s 4:00 PM to 11:59 PM reserved processing time.