We just received this press release from the Small Business Administration in relation to the Payroll Protection Program. This is great news for many of our small businesses in Sumter.
Special Announcement On The PPP From The Small Business Administration
Ashley D. Bell, SBA Regional Administrator and Entrepreneurship Policy Advisor for the White House Opportunity & Revitalization Council made the following statement today:
“I am encouraged to see continued progress when it comes to recovery efforts being put forth to help small, underserved, and minority entrepreneurs through this time of crisis.”
“The SBA and Treasury are working together to assure fairness in the PPP and they will, together, evaluate whether to create a similar reserved time again in the future.
“Lending institutions with asset sizes less than $1 billion will still be able to submit PPP loans outside of this time frame and lenders with asset sizes greater than $1 billion will be able to submit loans outside of today’s 4 p.m. -11:59pm EDT reserved processing time.
“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 dollars. This is to assure that small lending institutions are provided the opportunity to lend to small businesses providing increased opportunity for many entrepreneurs.