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Will 2 months and $60 billion be enough for PPP?

A week ago, on Tuesday, March 30, 2021, the President signed into law the PPP Extension Act of 2021. During that time, the SBA approved $11 billion worth of PPP loans. Only about $60 billion remain available to borrowers. Will this amount cover thousands of small businesses still applying?
Here are some insights:
- As of 2021, the SBA have approved almost 4 million loans for a combined amount of $223 trillion
- SBA officials are expecting for the Paycheck Protection Program funds to be depleted by the end of April.
- Borrowers and lenders are requesting changes to the program to include additional funding to allow small businesses to apply for additional relief.
- Financial institutions stated that the larger businesses have already applied for loans and that applications from small businesses are not being processed.
- There’s still over 7 weeks available to send your application. This is a great time for small businesses owners to apply for the SBA PPP Loan.
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