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PPP portal access to expand to small banks Friday, all lenders Tuesday

January 14, 2021

The gradual rollout was meant to give smaller institutions an early advantage in accessing the $284 billion shuttled to PPP through a coronavirus aid bill signed Dec. 27. But the timeline gives community banks and credit unions one business day — since Monday is the Martin Luther King holiday — to submit applications before big banks gain access Tuesday. The portal is open over the weekend, but that may mean serious overtime hours for community bank and credit union employees assigned to processing if smaller institutions are looking to submit applications while they still have first dibs on the relief funds.

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