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SBA Announces PPP Funds Exhausted for Most Lenders

May 05, 2021

SLB is pleased to have funded 768 PPP loans to date, representing $59,582,380 in in volume. We believe these loans helped multiple businesses survive during the Covid 19 pandemic. Please get in touch with us to assist with your business loan and deposit needs. You can depend on us for responsive service!  

May 5, 2021 … The Small Business Administration informed trade associations yesterday that Paycheck Protection Program funding has been exhausted and that the PPP application portal stopped accepting applications yesterday for loans from most lenders.‌

SBA said that it has reserved approximately $6 billion in funding for previously submitted loan applications subject to hold codes that have yet to be resolved. There is also approximately $8 billion remaining in congressionally mandated funding for PPP loans made by designated “community financial institutions,” defined for bankers’ purposes as minority depository institutions and community development financial institutions.