SBA PAYCHECK PROTECTION PROGRAM FUNDS EXHAUSTED, APPLICATION PORTAL CLOSED
PAYCHECK PROTECTION PROGRAM UPDATE
May 4, 2021
The Small Business Administration (SBA) has notified banks that the allocation of funds in the Paycheck Protection Program has been reached, and the program’s application portal has been closed.
The SBA has said that it has reserved approximately $6 billion in funding for previously submitted loan applications subject to hold codes that have yet to be resolved. There is also approximately $8 billion remaining in congressionally mandated funding for PPP loans made by designated “community financial institutions,” defined as minority depository institutions (MDIs) and community development financial institutions (CDFIs).
For Businesses That Have Submitted Applications to Zions Bank:
Loan applications that have not yet received an SBA loan number have not been approved and will not be funded. If your application has been approved and you have received an SBA loan number, your loan will continue to be processed for funding.
Zions Bank’s Commitment to Small Business
Over the past year, Zions Bank has helped thousands of businesses receive much-needed funding through the Small Business Administration’s (SBA) Paycheck Protection Program. Our commitment to the small businesses in our community is at the heart of what we do. Click here for information on the various business banking services available through Zions Bank.