In a letter to congressional leadership today, American Bankers Association President and CEO Rob Nichols called for Congress to move “expeditiously” to authorize more funding for the Paycheck Protection Program, which ran out of money on April 16.
Banks worked through numerous challenges to deliver nearly $349 billion in loans to small businesses in less than 14 days, he wrote, but “regrettably, the delay in congressional action is harming these businesses—perhaps irreparably.”
“Fear of being left behind has also raised demand for PPP loans to a fever pitch, yet because the SBA has shut down access to the portal pending new funding, our member banks are unable to process applications so they can be ready if and when Congress allows SBA to switch the program back on,” Nichols added. “Further delay will only harm the very businesses that the program is meant to protect.”
