Small business owners have two more months to access the popular Paycheck Protection Program and the Small Business Administration will also have an additional month to process applications after the deadline closes following legislation signed by President Joe Biden this week.
However, as Inc. reports, during a Senate hearing on the efficacy of COVID-19 relief programs held Tuesday, Patrick Kelley, the associate administrator for the SBA’s office of capital access, noted that 2 million PPP loan applications have been held up by the SBA’s automated PPP system due to error codes, and 190,000 applications remain on hold.
Kelley also says that the program could exhaust its funding as early as mid-April if application approvals continue at their current rate. In the hearing, he said that as of March 21, the PPP has $79 billion left—after reopening for a third time to certain lenders on Jan. 11 with $284.5 billion available.
Despite dwindling funds, interest in the program doesn’t look like it’s slowing down, according to banking officials interviewed by Inc. Read the full story.