As of this morning, the initial allotment of $349 billion dollars for the Paycheck Protection Program (PPP) has been exhausted and the SBA will be unable to accept new applications until such time congress appropriates additional funding. In the past 14 days, SBA has processed more loans than it had previously done the past 14 years, saving millions of small businesses in the process. In total, 1,661,397 PPP loans were made by 4,975 lenders nationwide. The number of SBA participating lenders more than doubled from a high of 1,800 prior to the PPP.
By joining forces, and leveraging the power of private industry, this unprecedented partnership has worked and provided many businesses with the certainty they need to retain their employees and continue serving our communities. However, there’s still much to be done and we recognize there are several small businesses still awaiting a decision on their PPP applications. I’m hopeful in the near future we can continue processing those loans to provide the critical support necessary to the many small businesses still in need of assistance. In the meantime, business owners should remain in contact with their lender and make sure they have the documentation necessary to complete the PPP application in the event congress appropriates additional funding to continue the program.
For additional resources, small business owners are encouraged to visit www.sba.gov/coronavirus, and please remember to follow us @SBArockymtn.