Small Banks Gaining PPP Advantage Today
Summary
SBA news release 20-04-29KY, published May 6, 2020, carrying a statement by Ashley D. Bell, SBA Regional Administrator and Entrepreneurship Policy Advisor for the White House Opportunity & Revitalization Council. Bell says that from 4:00 pm through 11:59 pm EDT that day SBA systems would accept PPP loans only from lending institutions with asset sizes less than $1 billion dollars, to give small lenders the opportunity to lend to small businesses. The statement adds that lenders of any size can still submit PPP loans outside that reserved processing time.
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Archived news release 20-04-29KY Small Banks Gaining PPP Advantage Today Special Announcement on PPP from Ashley D. BellAshley D. Bell, SBA Regional Administrator and Entrepreneurship Policy Advisor for the White House Oppo... Published on May 6, 2020 Special Announcement on PPP from Ashley D. Bell Ashley D. Bell, SBA Regional Administrator and Entrepreneurship Policy Advisor for the White House Opportunity & Revitalization Council made the following statement today: “I am proud to say that beginning today at 4:00 pm through 11:59 pm EDT, SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion dollars. This is to assure that small lending institutions are provided the opportunity to lend to small businesses providing increased opportunity for many entrepreneurs. “Lending institutions with asset sizes less than $1 billion will still be able to submit PPP loans outside of this time frame, and lenders with asset sizes greater than $1 billion will be able to submit loans outside of today’s 4:00 - 11:59 pm EDT reserved processing time. “The SBA and Treasury are working together to ensure fairness in the PPP, and together they will evaluate whether to create a similar reserved time in the future. “I am encouraged to see continued progress when it comes to recovery efforts being put forth to help small, underserved, and minority entrepreneurs through this time of crisis.” ### About the U.S. Small Business Administration: The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov . Media contacts U.S. Small Business Administration Email Press_Office@sba.gov
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