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Breaking news from the ABA:
With the U.S. Small Business Administration expecting a high volume of Paycheck Protection Program loan applications when the E-Tran system reopens at 9:30 a.m. tomorrow, SBA today notified lenders of several steps it will take to ensure the smooth operation of the program, including pacing the number of loans processed once the system reopens.
Acknowledging that many lenders have a large number of applications currently waiting for submission, SBA said it will allow a one-time large bulk submission of XML files to the E-Tran system from each lender. Lenders using this option must have a minimum of 15,000 loans to submit and should create a single XML file to send to SBA. This file should use the standard 6.0 SBA .xml data set for each loan, delimited. Loan applications submitted in bulk will be processed individually by the E-Tran system once it reopens, and each individual loan is subject to funds availability. For more information on bulk submissions, lenders may refer to SBA guidance issued today.
SBA also announced that it will cap the maximum dollar amount of funding authority that any one institution may receive to 10% of total PPP funding authority ($660 billion), exclusive of the $60 billion set aside for lenders with assets under $50 billion. Loan applications will continue to be processed on a first-come, first-served basis.