The U.S. Small Business Administration put out notice that, between 4 p.m. EST and 11:59 p.m. EST on April 29, it will only accept Paycheck Protection Program (PPP) loans from lenders with assets with less than $1 billion. This will help prioritize the loan applications of smaller businesses in need of emergency funds.
If you bank with a smaller lender such as a community bank, you should contact them to apply for a PPP loan.
The Paycheck Protection Program and Heathcare Enhancement Act of 2020, signed by the President last week, sets aside $30 billion exclusively for small lenders with assets under $10 billion (such as community banks) to help smaller businesses that were unable to successfully apply for a PPP loan since April 3.
Larger lenders will be able to file PPP loan applications outside the 4:00 p.m. - 11:59 p.m. window. Lenders with assets of less than $1 billion will be able to file applications at any time. However, during this window only applications from those smaller lenders will be considered. If you are in need of emergency funds during this time, you need to act now.
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