The SBA is seeking comments on a proposed rule designed to remove regulatory provisions that exclude certain faith-based organizations, and also announced that thus far, it has approved approximately 60,000 Paycheck Protection Program loan applications.
The SBA invites public comment on the proposed rule designed to remove regulatory provisions that exclude certain faith-based organizations from business loan and disaster assistance programs. These programs include:
- the Intermediary Lending Program;
- Business Loan programs (7(a), Microloan and 504 programs);
- Economic Injury Disaster Loan program;
- Military Reservist Economic Injury Disaster Loan program; and
- the Immediate Disaster Assistance Program.
According to the SBA, by eliminating the provisions, the proposed rule would ensure that the agency’s programs provide equal treatment for faith-based organizations, which the Constitution requires, and would correspond with a 2017 executive order promoting free speech and religious liberty.
Paycheck Protection Program
The SBA said that it has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening on Monday, Jan. 11, through Sunday, Jan. 17.
Last week, the PPP provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority- women- and veteran-owned small businesses from Monday through Thursday, joined Friday by smaller lenders.
As of Tuesday, the Paycheck Protection Program is open to all participating lenders.