Urgent From Rep. Maxine Waters

According to Congresswoman Maxine Waters, her office received notice today 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.

“Today, Wednesday, April 29, 2020, from 4 pm ET (1 pm PT) to 11:59 pm ET (8:59 pm PT), 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," Congresswoman Waters added. "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.” 

For more information about the Paycheck Protection Program, visit the SBA PPP webpage.