Scram Big Banks: Small Lenders Take Over SBA Lending Program (For A Night)

Jovita Carranza, head of the U.S. Small Business Administration, and Treasury Secretary Steven Mnuchin attend a Paycheck Protection Program event at the White House on Tuesday.Al Drago/Bloomberg via Getty Images

Jovita Carranza, head of the U.S. Small Business Administration, and Treasury Secretary Steven Mnuchin attend a Paycheck Protection Program event at the White House on Tuesday.The Small Business Administration on Wednesday will temporarily allow only the smallest financial institutions to access the small business coronavirus relief program, known as the Paycheck Protection Program.

The move to restrict access comes after concerns that the smallest of businesses, and particularly those owned by, were shut out of the first round of the program, which ran out of money in 13 days. From 4 to 11:59 p.m. Wednesday, applications for the PPP program will only be accepted from banks and other lending institutions with less than $1 billion in assets., saying that the move is meant to"assist small community lenders and ensure their small business customers have access."

We applied & other local medical practices since 4/10 BBVA_USA . SBA stated your application has been approved BBVA_USA should have already funded you all. We have yet to be funded & other colleagues that applied day/s after us were funded. SBAJovita realDonaldTrump

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Trump lauds 'amazing' SBA loan program as big banks feel angstPresident Trump on Tuesday touted the 'amazing' numbers of emergency small business loans being issued — even as anxious lenders warned that the administration was leaving scores of their customers in limbo Subterfuge, control the narrative, look over there Amazing trump's family kingdom like n.korea KIM's. CRAZY BABYTALKER TRUMP IS Sooooo much more disgraceful 4 US. Yeah he's terrible at everything. Virus is his fault, he told people to drink bleach, inject disinfectant, lies about 32,000 times a day, thinks he's King and then there's the Russian collusion thing and don't even get me started on all the people who died, more than Vietnam...
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SBA limits business loans to small lendersThe SBA told banks that for the rest of the day, starting at 4 p.m., its systems would accept only so-called Paycheck Protection Program loan applications from lenders with less than $1 billion in assets, representing the smallest in the industry A billion..? You got to be kidding right.
Source: politico - 🏆 381. / 59 Read more »

Bank of America sent 184,000 PPP applications to SBA but has only received 1,000 loan numbers from the agency so farBank of America sent 184,000 Payroll Protection Applications to the Small Business Administration on behalf of clients, according to a letter shared with CNN. Yet the SBA has only approved 1,000 of those loans so far, according to a bank spokesperson.
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