Press Release from the SBA, Small Business Administration...
After more than a year of operation and serving more than eight million small businesses, funding for the bi-partisan Paycheck Protection Program has been exhausted.
The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities. The SBA is committed to delivering economic aid through the many COVID relief programs it is currently administering and beyond.
Per the Economic Aid Act, a Community Financial Institution (CFI) is one of the following types of lenders:
- Community Development Financial Institution (CDFI)
- Minority Depository Institution (MDI)
- SBA Certified Development Corporation (CDC)
- SBA Microloan Intermediary Lender
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The announcement today is on top of the announcement made earlier: "SBA is currently offering PPP loans until May 31, 2021. President Biden announced program changes to make access to PPP loans more equitable."
At the end of last week, the SBA announced a special fund for restaurants, click here for more.
The funding for the PPP program was extended by federal law until May 31. The original deadline was in March, click here for more.
For an understanding of some of the various types of relief, click here.