May 5, 2021
The Paycheck Protection Program General Fund Has Been Exhausted
Yesterday, the Small Business Administration informed trade associations that Paycheck Protection Program funding has been exhausted and that the application portal has stopped accepting new applications for loans from most lenders.
$6 billion in funding remains available for previously submitted loan applications subject to hold codes that have yet to be resolved and approximately $8 billion in set-aside funds remain available to community financial institutions.
Loan applications that have not yet received a Small Business Administration loan number have not been approved. Participating PPP lenders with applicants in this situation may consider referring their clients to minority depository institutions and community development financial institutions.
American Bankers Association