SBA halts applications for PPP loans
The United States Small Business Administration (SBA) has stopped its acceptance of any new Paycheck Protection Program (PPP) applications from the majority of lenders almost a month before the program’s May 31, 2021 application deadline. The SBA notified lenders Tuesday that the PPP general fund was depleted.
There are still funds available through a designated fund for community financial institutions. These institutions largely focus on lending to businesses run by women, minorities and other underserved communities. Those lenders can process applications until the money runs out. About $8 billion was reserved for such businesses.