Every small business owner deserves the chance to apply for a Paycheck Protection Program loan and every SBA-approved lender deserves equal access to the SBA application portal. Under the current circumstances, that isn’t the case for many lenders who have no access to the system for a variety of reasons, according to the Wisconsin Bankers Association.
The simplest solution is to grant SBA Districts the authority to make the local adjustments needed to widen the PPP pipeline so SBA-approved lenders can access the portal.
“Overall, the SBA has done the best it can to implement a program that can help small businesses during this crisis,” explained Rose Oswald Poels, WBA President and CEO. “But now is the time for the national SBA office to turn the reins over to the SBA Districts. They need the authority to make the necessary local adjustments to allow every SBA-approved lender equal access to the portal.”
General access, as well as steps involving the application approval codes, have slowed accessibility for banks attempting to use the portal.
“We are hearing from many bankers that they have the applications in hand. They need access to the SBA portal to complete the final step in helping small businesses through this crisis,” Oswald Poels continued.