The Small Business Administration sealed off an eight-hour window Wednesday to process Paycheck Protection Program loans only from lenders with an asset pool less than $1 billion.
The one-day window served as a trial run for possible reserved loan processing periods in the future to aid “small, underserved and minority entrepreneurs,” according to Ashley D. Bell, Atlanta’s SBA regional administrator and entrepreneurship policy adviser for the White House Opportunity & Revitalization Council.
“I am proud to share that beginning today at 4 p.m. through 11:59 p.m., SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion,” Bell said in a news release Wednesday. “This is to assure that small lending institutions are provided the opportunity to lend to small businesses, providing increased opportunity for many entrepreneurs.”
Lenders with asset pools of all sizes can still process loans through the SBA outside of specified windows, according to the release.