Sunday, October 24, 2021

SBA expected to open PPP to small banks on Jan. 15

American Banker reported that the Small Business Administration is expected to grant more small lenders access to the Paycheck Protection Program portal on Friday.

The SBA and the Treasury Department, which are administering the program, will allow participants with less than $1 billion of assets to process new and second draw applications in two days (Jan. 15), an SBA spokesman said. All other lenders will gain access on Tuesday.

The OBA will send an update once the SBA releases the formal announcement and more details.