September 19, 2021

Volume XI, Number 262


September 17, 2021

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SBA Announces PPP Funds Exhausted

On Tuesday, May 4th, the Small Business Administration (“SBA”) informed trade associations, that PPP funding has been exhausted. The Paycheck Protection Program (“PPP”) application portal will stop accepting applications for loans from most lenders.

Approximately $6 billion in funding has been reserved for previously submitted loan applications subject to hold codes that have yet to be resolved. Additionally, approximately $8 billion remain available through a set-aside for PPP loans made by designated “community financial institutions,” defined for bankers’ purposes as minority depository institutions ("MDIs") and community development financial institutions ("CDFIs").

The SBA reminded trade associations that loan applications that have not yet received an SBA loan number have not been approved, and noted that banks with applicants in this situation may consider referring clients to MDIs and CDFIs.

© Polsinelli PC, Polsinelli LLP in CaliforniaNational Law Review, Volume XI, Number 126

About this Author

Phil Feigen of the Polsinelli Law Firm Corporate Transaction Attorney, in Washington DC
Office Managing Partner

Phil Feigen brings a unique perspective to providing general corporate advice, as well as complex business counsel to clients in ever-changing regulatory environments.  For more than 20 years, Phil has been providing guidance with respect to Small Business Investment Companies and other Small Business Administrative regulations, federal and state banking laws and federal securities laws. 

Phil focuses on helping clients through the SBIC licensing process so that they may realize the benefits of the program and increase the amount of investment...

Kimberly N. Simmons Corporate Finance Attorney Polsinelli Washington, D.C.

Kim Simmons diligently seeks to find practical solutions to complex corporate financial transactions. She works with seasoned Polsinelli attorneys to analyze each transaction matter to develop a strategic approach to representation based on the client’s immediate and long-term business and operational goals. Kim helps deliver a range of legal services during the life cycle of the client’s business—from selecting the appropriate choice of entity through an exit strategy.

Kim previously served as a Polsinelli summer associate in the Washington, D.C. office.