Just two weeks after being stood up, funding for the Paycheck Protection Program (PPP)—a popular and necessary program for America’s struggling small businesses—ran out. While Republican efforts to replenish this fund have been stalled, financial institutions of all sizes are stepping up to ensure that as soon as Democrats stop playing political games, they are ready to rush critical support to small businesses and their workers.
Below are just a few examples of financial institutions taking steps to provide relief to small businesses around the country:
Michigan First Credit Union
- “The Small Business Administration (SBA) is currently unable to accept new applications for the Paycheck Protection Program (PPP) based on available appropriations funding. At this time, we will continue to accept applications and prepare them for processing should additional funding become available for this program."
Bank of America
- “You may be seeing reports that the Small Business Administration (SBA) has said the initial $349 billion in the Paycheck Protection Program has been committed. In hopeful anticipation that additional funds are provided by Congress, we will continue to process applications.”
Red River Credit Union
- “As of Thursday, April 16, the SBA has announced there are no longer funds available for the Paycheck Protection Program (PPP). When Congress reconvenes on May 4, 2020, if additional funds are made available at that time, we will begin processing applications again. If you would like to submit your PPP loan application now, RRCU will hold it for you in the event more funds are made available. If we can assist you in any other way, please do not hesitate to let us know.”
Capital One
- “On Thursday, April 16, the Small Business Administration (SBA) announced that funds for the Paycheck Protection Program loans had run out. We have urged Congress to act quickly to authorize additional funding to meet the needs of small businesses across the country. We are hopeful they will do so soon, so we continue to accept and prepare applications for submission to the SBA.”
Mid-Atlantic Federal Credit Union
- “The SBA is currently unable to accept new applications for the Paycheck Protection program based on available appropriations funding. At this time, we will continue to accept applications and prepare them for processing should additional funding become available for this program.”
Chase
- “Even though the SBA is not accepting applications at this time, we are continuing to process all previously submitted applications, given that Congress is considering a new round of funding for this critical program.”
Credit Human
- “The SBA has announced the initial $349 Billion funding for this program has run out and that they are no longer accepting applications at this time. However, since we anticipate Congress will authorize additional funds, we encourage you to complete an application that we can submit to the SBA when new funding is authorized.”
Citibank
- “We know the news that the Small Business Administration (SBA) has already committed the full $349 billion in funding for the Paycheck Protection Program (PPP) is hard for many to hear. However, we are hopeful that additional funding will be approved by Congress, so we are diligently processing the applications that have already been submitted and accepting applications from our Small Business Banking clients.”
US Bank
- “Today, the Small Business Administration (SBA) announced that the initial $349 billion in funds allotted to the Paycheck Protection Program (PPP) through the CARES Act has been exhausted. … As Congress works on the possibility of additional funding, we will continue to aggressively move customers through the process to have them ready for the final SBA steps as soon as, we hope, program continues.”
Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.