State Bankers Associations Urge Congress to Increase PPP Funding

Update, April 15: SBA to stop accepting PPP applications once $349B limit reached.

Fifty-one state bankers associations today wrote to House and Senate leaders urging them quickly increase funding for the Small Business Administration’s Paycheck Protection Program. The associations warned that the program will likely run out of funding this week—as of Wednesday afternoon, $301 billion of the available $349 billion had been allocated, with 1.37 million loans approved.

“In just under two weeks, the PPP has provided an economic lifeline to over one million small businesses across the country, and has allowed these small businesses to remain viable—and maintain their workforces—during the COVID-19 pandemic,” the groups wrote. “We urge quick congressional action so banks can continue to distribute these desperately needed funds to small businesses, which form the economic core of our communities.”