WASHINGTON—The Small Business Administration (SBA) said lenders with less than $1 billion in assets will be able to submit Paycheck Protection Program (PPP) applications starting today. All other lenders will gain access to the program Tuesday, Jan. 19.
“NAFCU appreciates the SBA and the Treasury Department for granting smaller lenders with less than $1 billion in assets dedicated, early access to the PPP loan portal,” said NAFCU President and CEO Dan Berger in response to the announcement. “However, NAFCU supports a dedicated processing windows for all credit unions so that our nation's smallest, hardest hit businesses, including many from underserved communities, quicklyreceive the financial support they need to recover from the pandemic.
“Credit unions can and will continue to put their members first, and they stand ready to help our nation emerge from this crisis stronger than ever before,” concluded Berger.
As CUToday.info reported, the program reopened Monday. Community financial institutions – including minority depository institutions (MDIs) and community development financial institutions (CDFIs) – can currently submit first-draw and second-draw PPP loan applications.
In addition, the SBA released new data regarding its forgiveness of PPP loans, revealing that it has forgiven more than 1.1 million in program loans, with 88% of loans under $50,000 forgiven. A total of 1.3 million forgiveness applications for PPP loans have been received by the SBA, which total $170.5 billion. The SBA began processing forgiveness applications Oct. 2.