Important SBA Updates on the Paycheck Protection Program (PPP)
In the near future, SBA expects the amount of processed PPP loan volume to reach the maximum amount authorized and appropriated by Congress. Once the authorization limit is reached, SBA will not be able to accept any new loan applications for the Paycheck Protection Program.
This will mean that lenders will no longer be able to load PPP applications into the Capital Access Financial System (CAFS or E-Tran) [the Lender Gateway]. SBA is unable to maintain a queue for PPP applications. Further, PPP loan amounts may not be adjusted by lenders within the CAFS system.
Additionally, once the authorization limit is reached, SBA will no longer be able to accept new lender applications to become PPP lenders.
SBA is reaching out to the lending community to make them aware of this eventuality so that they may prepare and inform their small business customers of the situation.
SBA will continue to inform its lending partners of new updates should Congress authorize additional funds.