Big banks have been temporarily locked out of the small business lending program - Business Insider

The Small Business Administration is currently only accepting loans from banks that have assets of $1 billion or fewer.

The agency said it would only accept loans from banks with assets of $1 billion or fewer as of 4 p.m. EDT on Wednesday, lasting through to midnight. There are approximately 3,862 commercial banks with assets of less than $1 billion, according to regulatory data as of 2019, although many credit unions and other small community lenders would also be small enough to use the new reserve window.

US bankers began another race to grab $310 billion in fresh small-business aid released by the SBA on Monday, after the program's first $349 billion in funds was exhausted in less than two weeks.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Airbnb faces big challenges in going after the longer-term stay market - Business InsiderAirbnb says it's going to focus on longer-term stays, but analysts worry its short-term rental roots will make it hard to grab a piece of the $18 billion market
Source: BusinessInsider - 🏆 729. / 51 Read more »

How Google got too big to shrink - Business InsiderThis week in Trending we take a look at Google's efforts to cut costs amid the economic slowdown, and we reveal the results of BI's first VC panel.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Earnings Reveal Coronavirus’s Hit to Big BusinessGovernments and companies took new measure of economic damage from the coronavirus pandemic and some predicted bigger losses in the months ahead even as restrictions on movement are rolled back.
Source: WSJ - 🏆 98. / 63 Read more »