Small Business Admin's Paycheck Protection
Program loan funds have been utilized
April 22, 2020
According to Stan Kelley, President of Freedom Bank, lenders were informed last Thursday morning that all of the $350 billion set aside by Congress for Paycheck Protection Program loans through the Small Business Administration have been utilized.
"Those applicants who submitted an application in the past few days and have been contacted by their local banks that they have been approved for the PPP loan program should still receive funds from the bank over next five to seven days," Kelley said. "It is our understanding Congress plans to convene again and consider additional funding for the PPP program. If approved, banks will begin accepting loan applications again."
According to U.S. Small Business Administration, Administrator Jovita Carranza, and U.S. Treasury Secretary, Steven T. Mnuchin, in a statement issued, The Treasury Department and SBA launched the unprecedented Paycheck Protection Program in just one week. Following its launch, the SBA processed more than 14 years’ worth of loans in less than 14 days, loans which will protect a vast number of American jobs.
“The PPP enjoyed broad-based participation across the country from lenders of all sizes and a wide array of industries and businesses," said Carranza and Mnuchin. "From its start on April 3, PPP provided payroll assistance to more than 1.6 million small businesses in all 50 states and territories. Nearly 5,000 lenders participated in this critical program, including significant lending by community banks and credit unions. Nearly 20% of the amount approved was processed by lenders with less than $1 billion in assets, and approximately 60% of the loans were approved by banks with $10 billion of assets or less. No lender accounted for more than 5% of the total dollar amount of the program."
“The vast majority of these loans—74% of them—were for under $150,000, demonstrating the accessibility of this program to even the smallest of small businesses. The PPP provided funds to a wide variety of industries in all sectors of the economy, including construction, manufacturing, food and hospitality services, health care, agriculture, and retail, among many others. This demonstrates the broad diversity of PPP and its support for American workers across the board," they continued.
Carranza and Mnuchin are urging Congress to protect millions more small businesses, American workers and their families by appropriating additional funding to support PPP
"Those applicants who submitted an application in the past few days and have been contacted by their local banks that they have been approved for the PPP loan program should still receive funds from the bank over next five to seven days," Kelley said. "It is our understanding Congress plans to convene again and consider additional funding for the PPP program. If approved, banks will begin accepting loan applications again."
According to U.S. Small Business Administration, Administrator Jovita Carranza, and U.S. Treasury Secretary, Steven T. Mnuchin, in a statement issued, The Treasury Department and SBA launched the unprecedented Paycheck Protection Program in just one week. Following its launch, the SBA processed more than 14 years’ worth of loans in less than 14 days, loans which will protect a vast number of American jobs.
“The PPP enjoyed broad-based participation across the country from lenders of all sizes and a wide array of industries and businesses," said Carranza and Mnuchin. "From its start on April 3, PPP provided payroll assistance to more than 1.6 million small businesses in all 50 states and territories. Nearly 5,000 lenders participated in this critical program, including significant lending by community banks and credit unions. Nearly 20% of the amount approved was processed by lenders with less than $1 billion in assets, and approximately 60% of the loans were approved by banks with $10 billion of assets or less. No lender accounted for more than 5% of the total dollar amount of the program."
“The vast majority of these loans—74% of them—were for under $150,000, demonstrating the accessibility of this program to even the smallest of small businesses. The PPP provided funds to a wide variety of industries in all sectors of the economy, including construction, manufacturing, food and hospitality services, health care, agriculture, and retail, among many others. This demonstrates the broad diversity of PPP and its support for American workers across the board," they continued.
Carranza and Mnuchin are urging Congress to protect millions more small businesses, American workers and their families by appropriating additional funding to support PPP
