CBA Statement on Depletion of PPP Funds

April 16, 2020
Nick Simpson

CBA Statement on Depletion of PPP Funds

“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

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The millions of men and women who work at America’s small businesses and their families are battling a health crisis while also facing an economic crisis unless Congress authorizes additional funds for this program.”

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement regarding the depletion of the nearly $350 billion authorized by the Paycheck Protection Program, which likely occurred overnight based on projections:

 

“Banks have been working around the clock to implement the Paycheck Protection Program, which is now depleted after less than two weeks. 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.

 

“The millions of men and women who work at America’s small businesses and their families are battling a health crisis while also facing an economic crisis unless Congress authorizes additional funds for this program.”

 

 

NOTE: Banking trade associations yesterday wrote Congress requesting additional PPP funding. That letter is available here.

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.