PPP general fund exhausted

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.