Treasury and SBA Temporarily Disallow Loan Applications From Big Banks to Focus on Small Lenders

On Wednesday the Treasury and Small Business Administration shared that they would prevent big banks from using the loan portal powering the small business relief program; the temporary limit is on banks with more than $1 billion in assets; according to the email which CNBC reviewed, the move was made “to ensure access to the PPP loan program for the smallest lenders”; going forward they will be evaluating whether this becomes a recurring move; the goal is to improve the chances of smaller sized businesses getting access to loans; some trade groups spoke out against the move. CNBC

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