Joint Statement by Secretary Steven T. Mnuchin and Administrator Jovita Carranza on Establishing Dedicated Hours for Small Lender Submission

Summary

A joint statement dated April 29, 2020 from U.S. Treasury Secretary Steven T. Mnuchin and Small Business Administrator Jovita Carranza on the Paycheck Protection Program (PPP). It states that the SBA is only accepting loans from lending institutions with asset sizes less than $1 billion from 4:00 p.m. EDT until 11:59 p.m. EDT on April 29, 2020. All lending institutions, regardless of size, will still be able to submit PPP loans outside of this timeframe. The statement says this reserved processing time is expected to enhance the SBA's loan system performance for all users who submit loans outside of it.

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U.S. Department of the Treasury

Statements & Remarks

Joint Statement by Secretary Steven T. Mnuchin and Administrator Jovita Carranza on Establishing Dedicated Hours for Small Lender Submissions of PPP Applications

April 29, 2020

WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin and Small Business Administrator Jovita Carranza issued the following statement today on the Paycheck Protection Program (PPP) amid continuing efforts to aid small community lenders, their small business customers, and ensure SBA’s systems run efficiently:

“In order to ensure special access to the PPP loan program for the smallest lenders and their small business customers, the SBA is only accepting loans from lending institutions with asset sizes less than $1 billion from 4:00 p.m. EDT until 11:59 p.m. EDT on April 29, 2020. SBA is working to ensure that all eligible small businesses have access to this funding to sustain their businesses and keep their employees on payroll.

“All lending institutions, regardless of size, will still be able to submit PPP loans outside of this timeframe. This reserved processing time currently only applies to April 29, 2020. In addition to ensuring access for the smallest lenders, we expect that providing this reserved processing time today will enhance the SBA’s loan system performance for all users who submit loans outside of this time frame.”

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