NPR reports that the Treasury and the Small Business Administration said Wednesday that they would temporarily shut out big banks from the electronic loan portal used to submit applications for the government’s small business relief program.
The move applied to any lender with more than $1 billion in assets for an eight-hour time period starting 4 p.m. Wednesday, according to an email obtained by CNBC.
The agencies wanted to “to ensure access to the PPP loan program for the smallest lenders,” according to the email.
The SBA's huge ETran loan application system had been gridlocked during the first two days of applications. The move was made to allow the smaller banks the ability to have their loan applications moving into the SBA system.
Big Banks Temporarily Shut Out of Small Business Loan Portal, Treasury and SBA Announce
The move applied to any lender with more than $1 billion in assets for an eight-hour time period starting 4 p.m. Wednesday, according to an email obtained by CNBC.
The agencies wanted to “to ensure access to the PPP loan program for the smallest lenders,” according to the email.
The SBA's huge ETran loan application system had been gridlocked during the first two days of applications. The move was made to allow the smaller banks the ability to have their loan applications moving into the SBA system.
Big Banks Temporarily Shut Out of Small Business Loan Portal, Treasury and SBA Announce
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