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The SBA reportedly told congressional offices that general Paycheck Protection Program funding could be exhausted soon.
Details: While the SBA hasn’t yet released public figures, remaining PPP funds reportedly break down as follows:
Background: Under the Economic Aid Act, community financial institutions include Community Development Financial Institutions, Minority Depository Institutions, Certified Development Corporations, and certain microloan intermediaries.
Impact: With the general fund nearly exhausted, community banks are advised to quickly submit any outstanding PPP applications.
More: More PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.