Bankers Tell Congress PPP Funds Are Depleted and More Funding Is Needed
Banking groups say the $349 billion in funds available to small businesses through the federal Paycheck Protection Program (PPP) are depleted.
Both the Consumer Bankers Association and the Independent Community Bankers of America, which represent U.S. banks, released statements saying funds have run out and more is needed. The $349 billion was authorized by the passage and adoption of the $2.2 trillion CARES Act.
"Banks have been working around the clock to implement the Paycheck Protection Program, which is now depleted after less than two weeks," Consumer Bankers Association President and CEO Richard Hunt said. "Small businesses are continuing to submit loan applications and existing applications are still pending SBA approval. Additional funding for all lenders is needed now to ensure there are no breaks in service to small businesses seeking assistance as a result of the coronavirus outbreak."
Source Fool.com
