SBA to resume accepting PPP loan applications 10:30 ET Monday

Administrator of the U.S. Small Business Administration Jovita Carranza and Treasury Secretary Steven Mnuchin said the SBA will resume accepting Paycheck Protection Program (PPP) loan applications Monday, April 27 at 10:30 a.m. (ET) from approved lenders on behalf of any eligible borrower. President Donald Trump signed legislation Friday authorizing an additional $310 billion for the PPP.

“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. All eligible borrowers who need these funds should work with an approved lender to apply,” Carranza and Mnuchin said in a joint statement.

According to the SBA, the PPP has supported more than 1.66 million small businesses and protected over 30 million jobs since it began accepting loan applications April 3. Those loans include tens of thousands from credit unions, with early estimates indicating that credit union loans averaged around $64,000 per loan.

 

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