PPP funds could be exhausted soon

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:

  • $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.