The SBA Is No Longer Accepting New PPP Applications From Most Institutions
As of Tuesday, May 4, 2021, the Small Business Administration (SBA) announced that the PPP general fund has been exhausted, and most institutions, including Greater Commercial Lending (GCL), would not be able to accept new applications.
SBA Statement on PPP Exhausted Funds:
After more than a year of operation and serving more than eight million small businesses, funding for the bi-partisan Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities. The SBA is committed to delivering economic aid through the many COVID relief programs it is currently administering and beyond.
$6 billion has been reserved for existing applications that have received an SBA loan number but remain incomplete.
$8 billion has been reserved for applications submitted through Community Financial Institutions. Community Development Financial Institutions (CDFI) are private-sector, financial intermediaries with community development as their primary mission. You can locate a CDFI to learn more about applying for a PPP loan by searching the Opportunity Finance Network’s CDFI Locator.
This means one of two things if you have an open loan application with GCL:
If you are in need of further information, please contact us by email at SBAPaycheckProtection@GreaterLending.com.
- If you have received an SBA loan number, but have not finalized your application, your loan has been approved and is not impacted. We encourage you to login to our online application portal and complete your application as soon as possible.
- If you have not received an SBA loan number, the SBA was not able to approve your application before funding was exhausted. Other pandemic relief options can be found on the SBA's COVID-19 Relief Options page.
Additional Resources for Small Business Owners
Additional Pandemic Relief Programs