Paycheck Protection Program

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

Vector image illustration of a goverment building, dollar bills, and dollar coins displaying a government building with coins and dollars depicting the SBA Paycheck Protection Program Loan

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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