June 01, 2021
The Paycheck Protection Program closed to new loan applications more than a year and several iterations after the emergency program was enacted.
Funding: In a call Friday, SBA officials said they expected PPP funds to be exhausted before yesterday’s deadline, though the agency is withholding some funds to accommodate loans with remaining hold codes that need resolution. SBA has until June 30 to complete processing loan approvals.
Guarantee Guidance: The officials also said the SBA expects to soon issue procedural guidance on when and how lenders can ask the agency to purchase loans pursuant to its guarantee. Claims will be submitted through the lender platform.
Forgiveness Requests: Further, the SBA is working to further streamline and expedite the processing of forgiveness requests with a goal to process all requests within 30 days of receipt, according to the officials.
More: Additional PPP information is available on ICBA's PPP Resources page.