August 5, 2020
C-Suite Wednesday – Only 52% of SBA Lenders Are Accepting PPP Loan Applications
By Bob Coleman
Editor, C-Suite Wednesday
Over the last two weeks as the Paycheck Protection Program nears the August 8th extension deadline, Senate leaders have proposed numerous changes to PPP forgiveness and SBA COVID-19 relief, giving many industry professionals hope a deal can be done before the August Congressional recess.
According to the latest polls conducted during the Coleman Report Live daily show, only 52% of SBA lenders are still accepting PPP loan applications. Many lenders cite unclear rules on forgiveness as the stalling factor leaving over $130B in funds available as the program ends Saturday, August 8th.
Here are the highlights from this week’s polls:
12% of lenders are accepting forgiveness applications
17% of lenders plan on offering a second draw of PPP loans
27% of lenders think Congress will pass the next stimulus package before the summer recess
33% of lenders say the majority of borrowers have used their entire PPP loan proceeds (13% said I don’t know)
The numbers are not so bright as the extension deadline nears.
Friends of Coleman Report Live! are encouraged to contact their representatives and push for clear guidance on forgiveness and a swift negotiation of the next stages of PPP funding.
To receive the latest industry updates, please join the free Coleman Report Live daily show at 1:00 PM Eastern.