The Paycheck Protection Program’s general fund was reportedly exhausted Tuesday ahead of the program’s May 31 authorization, though some PPP funds remain for certain loans and lenders.
Details: While the SBA hasn’t yet released public figures, remaining PPP funds reportedly break down as follows:
- Roughly $6 billion reserved for loans with hold codes.
- Roughly $8 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.
More: More PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.
