PPP SBA Covin-19 Update
PBI Global Lending has worked tirelessly to prepare for SBA’s new PPP loans. Despite widespread publicity, SBA has NOT provided adequate guidance to us (or any lender) on how the program will be effectively administered. Joining a growing list of the largest financial institutions across the country, we will NOT begin submitting to SBA today as we had previously hoped. Please understand we have every intention of participating in & championing this program. Rest assured, we received the “Interim Final Rule” from SBA last night, & while that document is a good step in the right direction, it is still insufficient. Our team has been working diligently to help our nation’s small businesses persevere through this crisis & we know SBA, Treasury, and many others have, too. Helping America’s small-to-midsized businesses survive has been/will remain our mission. We’ve already mobilized our entire team (& then some) to help… but this help must be prudent & also responsible to those of us who are champions of SBA’s loan programs, in “normal” times & in crisis moments. We will continue providing real-world suggestions to policy leaders in the hopes that a better program is the end result for all.
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