SBA posts PPP lender agreement
The Small Business Administration on Friday night posted its Lender Agreement, an application for non-SBA-certified lenders to apply to enter the Paycheck Protection Program system, input borrower applications, and register for SBA loan guarantees.
The SBA encourages lenders who need assistance accessing the agency's E-Tran system to call its Lender Customer Service Line at 833-572-0502.
The Friday night PPP updates followed the Thursday night release of an interim final rule on the program. That rule increased the PPP interest rate to 1 percent from 0.5 percent and provided additional clarity on lender due diligence responsibilities, though access has remained extremely limited or altogether closed off for community banks across the nation.
With Treasury and SBA continuing to point lenders and borrowers to their PPP webpages, ICBA and state community banking associations have clearly and repeatedly expressed community bank concerns about the program's terms and lack of guidance.
"Throughout this difficult rollout, please know that ICBA understands the gravity of this situation and is pulling out all stops to rectify this debacle," ICBA President and CEO Rebeca Romero Rainey wrote in a Friday night message to community bankers.