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.

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