SBA Announces PPP General Funds Exhausted

Summary

This notice says that on the night before May 4, 2021, the SBA informed trade associations that the PPP general fund had been exhausted and was closed to new applications. The writer says it can no longer submit new applications to the SBA. It states the SBA reserved approximately $6 billion for loans that were submitted but not approved because of hold code issues, and that the reserve does not relieve borrowers with error codes issued at submission. It encourages borrowers whose loans have not been submitted to apply through a CFI, with $8.6 billion reserved for new loans. It says loans already marked SBA Approved or Funded in the portal will continue processing.

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SBA Announces PPP General Funds Exhausted

Last night, May 4, 2021, the SBA informed trade associations that the PPP general fund has been exhausted and is closed to new applications. In connection with this news, we can no longer submit new applications to the SBA.

The SBA has reserved approximately $6 billion for loans that have been submitted, but not approved due to hold code issues. If your application’s status in the portal is “Submitted to SBA”, we will continue working tirelessly to clear your hold code and obtain SBA approval. Borrowers whose applications have an SBA hold code can check their status in the portal by following this guide and can log into their account via The Loan Source website . If we have not already, a member of our team will contact you shortly with the list of documents required to clear the hold code.

Unfortunately, the ~$6 billion reserve does not provide relief for Borrowers experiencing error codes issued by SBA at submission. If your application’s status in the portal is “Underwriter Reviewed” or prior, we are not able to submit your application to SBA for approval. If your loan has an error code or otherwise has not yet been submitted to SBA, we encourage you to apply through a CFI, who have $8.6 billion reserved in funding for new loans. A list of lenders is available via the SBA website .

Please note, if your application’s status in the portal is “SBA Approved”, “Loan Note Sent for E-sign”, “Signed Loan Note Received”, or “Funded”, your loan was approved by SBA prior to the exhausting of funds and will continue processing.

It has been our honor to serve you during this round of Paycheck-Protection-Program loan origination.

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