SBA Creates an Exclusive Submission Window for Small Lenders

Later today, SBA will only be accepting applications through its electronic loan portal from lending institutions with asset sizes less than $1 billion dollars to ensure access to the PPP for small lenders and their small business customers.

The exclusive window will run between 4pm and run to 11:59pm tonight (all times eastern). Outside of this window, lending institutions of all sizes will be able to submit PPP loans.

SBA and Treasury will evaluate whether to create a similar reserved time again in the future.