The PPP is out of money (again): what can I do? 2021

In this 2-minute read:

  • The SBA announced that the Paycheck Protection Program ran out of money for most borrowers on 5/4/21
  • Applications from Community Financial Institutions serving minority/disadvantaged areas are still being accepted 
  • Outstanding, approved PPP applications are continuing to be processed
  • The treasury department is attempting to “find” additional funding for other PPP lenders, but SBA is officially not accepting new applications from non-CFI lenders at this time
  • IMPORTANT ACTION ITEM: Contact the White House, as well as your representatives and senators and let them know how vital the PPP is for your small business

On May 4, 2021, the Small Business Administration announced that it will no longer be accepting new applications other than those from CFI (community financial institutions) lenders, which have around $8 billion in allocated funds for disadvantaged areas. Outstanding, approved PPP applications from other lenders will continue to be processed.

Will the PPP receive an additional allocation of funding?

The SBA has approved over $780 billion in forgivable loans to over 10.7 million borrowers over the course of the PPP program, but the need is still acute. In Womply’s processes alone, there are 2.5 million borrowers still needing their applications to be completed, approved, and funded.

It’s unclear whether the SBA and Treasury will receive more PPP funding to allay the fears of America’s struggling small businesses, independent contractors, sole proprietors, gig workers, and self-employed individuals. Certainly there can’t be any large additional federal funding of the program without congressional and presidential approval.

Womply’s sources suggest the Treasury/SBA may potentially find more money for general PPP use, but no further information is forthcoming at this time.

What can I do to help the PPP get more funding to continue lending?

While the SBA and other .gov agencies scramble to help solve this serious problem for America’s vital small businesses, the best thing you can do is to write the president and your representatives and let them know how much the PPP means to you, and urge them to approve more funding for the program. We’ve created a free and easy way for you to send a personalized letter to your representatives and to the president. Click to send a personalized letter. It just takes a minute, and can make a big difference.

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