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PPP Loans Discontinued

The Paycheck Protection Program (PPP) that has provided $780 billion in forgivable loans was expected to be effective through the end of May but depleted most of its funding for most borrowers on May 4. Generally, no new PPP loans can be granted. There are a few exceptions:

  • $8 billion of the PPP funding has been reserved for lending to businesses run by women, minorities and other underserved communities,
  • Loan applications that were submitted by May 4 but not yet processed will be honored, and
  • Two new grants will permit loans to restaurants and live-event businesses.

SBA stops accepting new PPP applications from most lenders as general funds run out - Journal of Accountancy

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