May 07 SBA CEASES ACCEPTANCE OF MOST NEW PPP APPLICATIONS
On May 4, 2021, the Small Business Administration (SBA) announced that the funds allocated to the Paycheck Protection Program (PPP) general fund had been exhausted. While Congress recently reached an agreement to extend the PPP through May 31, 2021, the SBA will cease accepting new applications from most borrowers. However, there is approximately $8 billion in funds set aside for community financial institutions (CFIs), along with approximately $6 billion allocated to resolve open hold codes on loans that have yet to be funded.
If you are still interested in obtaining a PPP loan, as mentioned above, you can locate an available CFI lender using the Lender Match feature on SBA.gov. However, as only $8 billion remains for these specialized lenders, funds may be scarce.
Sax will continue to update you as further details are made available. Reach out to your Sax advisor or email [email protected] with questions. For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.