Banks reported problems with the Small Business Administration’s (SBA) portal on Monday. The SBA announced to banks that they would limit the number of applications banks can submit per hour in order to provide equal access to the program. The “pacing” mechanism is intended to prevent any one lender from submitting significantly more loans into the system and others.
The Paycheck Protection Program (PPP) rules remain largely the same. The SBA PPP page contains information on how to apply, including FAQs and how to calculate loan amounts. Also see AGA’s webinar, Paycheck Protection Program: COVID-19 financial relief loans for GI practices, and FAQ for more information about the program.