The SBA is warning Congress that the recently extended Paycheck Protection Program is starting to run low on funds with nearly two months left for borrowers to apply.
Funding: This week’s SBA report on PPP data shows the program has less than $70 billion in remaining funds of the $292 billion appropriated for the current round of lending.
Extension: Meanwhile, an ICBA-supported extension signed into law last week allows borrowers to apply for loans through May 31 and gives the SBA until June 30 to consider applications.
Outlook: As reported by Politico, congressional support for another round of funding for a program that has funded nearly $750 billion in lending remains an open question. While Senate Small Business Chairman Ben Cardin (D-Md.) has said he is open to more funding, the National Federation of Independent Business and U.S. Chamber of Commerce are not advocating additional funds due to limited business interest.
ICBA Advocacy: With the PPP extended, ICBA continues urging Congress and the SBA to make program fixes related to eligibility, use of proceeds, farm partnerships, and Schedule C borrowers.