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.