April 29, 2020 / 5:39 PM / a month ago

Big U.S. banks to be temporarily locked out of small business lending program -SBA

WASHINGTON, April 29 (Reuters) - The Small Business Administration on Wednesday said it would be temporarily closing its Paycheck Protection Program (PPP) assistance program for small businesses to all but the country’s smallest lenders, in a bid to give them fair access.

“To ensure access to the PPP loan program for the smallest lenders and their small business customers, starting at 4 p.m. today EDT through 11:59 p.m. EDT, SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion dollars,” the agency said.

Reporting by Michelle Price Editing by Chris Reese

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