The smallest lenders and their small business clients will have an exclusive opportunity to submit applications for Paycheck Protection Program loans to the U.S. Small Business Administration (SBA) from 3 p.m. to 10:59 p.m. CST today, April 29, according to an SBA lending operations update.
During this eight-hour period, the SBA systems will accept loans only from lending institutions with asset sizes less than $1 billion. Lenders with asset sizes greater than $1 billion may submit loans outside of the processing time that’s reserved today for smaller lenders.
The SBA and Treasury will evaluate whether to create more reserved processing periods for smaller lenders at a later date.