The SBA has announced that, ahead of its scheduled end date of May 31, 2021, funding for the Paycheck Protection Program has been exhausted. This comes after more than a year of operation and serving more than eight million small businesses, according to the SBA.
The SBA said that it will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through CFIs, financial lenders who serve underserved communities. As it relates to the Economic Aid Act, a CFI is one of the four types of lenders — a CDFI, MDI, community development corporation or microlender intermediary.
The SBA also announced the initial results of its May 3 launch of the Restaurant Revitalization Fund, showing more than 186,000 applications from restaurants and other food and beverage businesses in all 50 states and the District of Columbia. The $28.6 billion program, signed into law as part of the American Rescue Plan, provides economic aid to restaurants and other establishments struggling to make ends meet as a result of the pandemic.
COVID-19-related resources regarding loan options can be accessed on the SBA website.