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PPP Alert from Rep. Waters: TODAY the SBA will Prioritize Applications from Small Businesses & Lenders

April 29, 2020
Press Release

LOS ANGELES – Congresswoman Maxine Waters (CA-43), Chair of the Financial Services Committee, issued an urgent Paycheck Protection Program (PPP) update to small businesses in the 43rd District: 

“My office just received notice that the Small Business Administration (SBA) has heeded our calls to ensure that small, women, and minority owned businesses can receive the assistance they were promised through the PPP program,” said Congresswoman Waters.Today, Wednesday, April 29, 2020 from 4pm ET to 11:59pm ET, the SBA systems will not be taking applications from the big banks, and instead will only accept loan applications from lending institutions with asset sizes less than $1 billion dollars. This includes many of the Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), community banks, credit unions, certified development companies, and microlenders in our community, all of whom are anxious to assist small business owners with completing their PPP applications. We know that many of our small, women, and minority owned businesses are struggling due to the impacts of the coronavirus. I am so pleased that the SBA has announced this important lending operations update, and I encourage all small business owners in our community to take advantage of this opportunity and contact their community lender without delay.”

 

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