SBA Announces PPP Funds Exhausted

The Small Business Administration (SBA) announced yesterday that the Paycheck Protection Program (PPP) funding has been exhausted. The PPP application portal has now stopped accepting applications for loans from most lenders.

The SBA reserved approximately $6 billion in funding for previously submitted loan applications with a loan number that have yet to be resolved. In addition, there is approximately $8 billion remaining in funding for PPP loans made by designated “community financial institutions,” defined as minority depository institutions and community development financial institutions. Applicants that have not been assigned an SBA loan number should apply to MDIs and CDFIs.

A printable version of this information can be found by clicking HERE.

 

Author: Mark Brasee

Mark L. Brasee

Mark L. Brasee

Partner

(402) 978-5306
mbrasee@fraserstryker.com

This article has been prepared for general information purposes and (1) does not create or constitute an attorney-client relationship, (2) is not intended as a solicitation, (3) is not intended to convey or constitute legal advice, and (4) is not a substitute for obtaining legal advice from a qualified attorney. Always seek professional counsel prior to taking action.