PPP data reveals roughly $58B in funding remains
The Small Business Administration (SBA) released updated paycheck protection program (PPP) data, showing that more than 4 million loans have been approved in 2021, totaling almost $233 billion. With the program extended to May 31, there is roughly $58 billion of funds still available.
Credit unions with less than $10 billion in assets have provided almost 125,000 loans for $4.5 billion. The average size of these loans is just over $36,000, continuing to demonstrate that the credit union industry is supporting the smallest businesses in their communities.
Although lawmakers extended the PPP loan application deadline to May 31 and is allowing the SBA to continue processing pending applications until June 30, no additional funding was provided. NAFCU had raised concerns about the amount of loans backlogged due to hold codes and called on the SBA to clear the codes before the program ends. The association has also highlighted improvements needed for a smoother approval and forgiveness processes.
NAFCU last week updated its PPP FAQs to reflect recent procedural notices and interim final rules issued by the SBA to address hold code resolution, the loan forgiveness process, and application forms. The SBA also has FAQs for the program available online.
NAFCU continues to keep credit unions informed of coronavirus-related relief efforts and develop resources to help the industry stay on top of changes; access all of the association’s coronavirus resources.