May 04, 2021
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:
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.