Hi, I’m Bette Hochberger, CPA, CGMA, and I’m here with an SBA update. So yesterday, Tuesday, the SBA actually announced that they have exhausted their PPP funds. So what does that mean that the PPP is out of money? Well, if you never got around to putting in your PPP application, it’s kind of too late now. But the good news, if you have one that’s already in process, they are continuing to process whatever is still in the pipeline.
There is a little exception. If you’re in an underserved area, I believe you can still get some money that’s been set aside for what they call community financial institutions or CFIs. These are mostly in underserved communities and there’s probably some geographical limits on who they’re able to give that money to. But there was a special set aside for that, that has not been exhausted yet, but for everyone else overall, PPP is done, because the PPP is out of money.
So when Congress extended the filing deadline for PPP to May 31st, they didn’t actually add any additional funding. So they knew they had a certain amount of money. They knew it was eventually going to run out. They just didn’t know when. And when was yesterday. So hopefully, you were able to get your applications in. Hopefully, you got funded. Hopefully, you got your money, and if not, better luck next time. Maybe they’ll do another round. Who knows? I hope not. It’s too much work.
But that’s it. That’s your PPP update. It has totally been depleted. There is no more PPP funds. The PPP is out of money. So, sorry if it was bad news. It’s been a rough program, dealing with PPP, but that’s it. So that’s my quick little SBA update. See you next time.