Only small banks will have access to the Payroll Protection Program for eight hours — following heavy criticism that smaller businesses were shut out of the first round of the program.
Jovita Carranza, head of the U.S. Small Business Administration, and Treasury Secretary Steven Mnuchin attend a Paycheck Protection Program event at the White House on Tuesday.Al Drago/Bloomberg via Getty Images
Jovita Carranza, head of the U.S. Small Business Administration, and Treasury Secretary Steven Mnuchin attend a Paycheck Protection Program event at the White House on Tuesday.The Small Business Administration on Wednesday will temporarily allow only the smallest financial institutions to access the small business coronavirus relief program, known as the Paycheck Protection Program.
The move to restrict access comes after concerns that the smallest of businesses, and particularly those owned by, were shut out of the first round of the program, which ran out of money in 13 days. From 4 to 11:59 p.m. Wednesday, applications for the PPP program will only be accepted from banks and other lending institutions with less than $1 billion in assets., saying that the move is meant to"assist small community lenders and ensure their small business customers have access."
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