The SBA reportedly told congressional offices that general Paycheck Protection Program funding could be exhausted soon.
PPP funds could be exhausted soon
May 04, 2021 / By ICBA
The SBA reportedly told congressional offices that general Paycheck Protection Program funding could be exhausted soon.
The SBA reportedly told congressional offices that general Paycheck Protection Program funding could be exhausted soon.
Details: While the SBA hasn’t yet released public figures, remaining PPP funds reportedly break down as follows:
- $1.6 billion in the PPP’s general fund.
- $7 billion reserved for loans with hold codes.
- $9.9 billion set aside for certain community financial institutions.
Background: Under the Economic Aid Act, community financial institutions include Community Development Financial Institutions, Minority Depository Institutions, Certified Development Corporations, and certain microloan intermediaries.
Impact: With the general fund nearly exhausted, community banks are advised to quickly submit any outstanding PPP applications.
More: More PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.
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