The Paycheck Protection Program Ends

 

The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) funding has been exhausted.

“The PPP application portal stopped accepting applications yesterday for loans from most lenders,” said Greg Griffin, The Bank of Marion Chief Lending Officer. “Our Bank will do everything in our power to ensure funding of loan applications received and processed before the SBA’s announcement that funding had been depleted.”

The 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 as minority depository institutions and community development financial institutions.

As of April 28, The Bank of Marion and its branches had made 1,070 loans totaling over $34.4 million in PPP loans to small businesses in our region. Most of these loans have been forgiven. Others are pending forgiveness based on qualifications.

Since its inception, the Paycheck Protection Program has provided $780 billion in forgivable loans to fund 10.7 million applications across the country. Congress had extended the program through the end of this month before it ran out of funds.

May 5, 2021