Paycheck Protection Program has run out of money for most borrowers
Karnchea Barchue • May 6, 2021
What you need to know
The Paycheck Protection Program has run out of money for most borrowers before its planned May 31 end, the Small Business Administration said.
Going forward, the program will only accept new applications from community financial institutions, which typically serve minority borrowers, as about $8 billion in funding was set aside for such businesses.
The SBA will continue to fund outstanding approved PPP applications from other lenders but won’t accept any new applicants.
You might also like
Commercial Lending News
A business consolidation loan is a financial solution designed to combine multiple existing business debts into a single loan.
A payroll loan is a short-term financing solution designed to help businesses cover payroll expenses during cash flow shortages.
Commercial real estate financing provides businesses and investors with funding to purchase, develop, or refinance income-generating properties such as office buildings, retail spaces, industrial facilities, or single/multifamily housing.
*** All files are subject to full underwriting & qualifications specified by each bank. There can be no assurance that any applicant will be approved and that credit will be offered.***
Quick & Reliable
Legal Notices
Working hours
- Mon - Fri
- -
- Sat - Sun
- Closed
Address