As of today, April 16, the SBA has announced that the $349 billion authorized by the CARES Act for Paycheck Protection Program (PPP) loans has been exhausted. Accordingly, the SBA will no longer accept applications for PPP loans. Loan applications received by banks but not yet submitted to SBA will not be able to be completed, and we understand that the SBA will not maintain a queue for PPP applications should additional funds be authorized.

We are asking all of our bankers to please contact their member of Congress as soon as possible to request that they authorize more funding to continue PPP. This program has been a lifeline for millions of small businesses, and must be continued so banks can meet the needs of their communities during this time of crisis.

We have provided a sample letter for you to email to your member. You can use this link to identify and contact your representative.

You may also call your representative and use the letter as talking points for your conversation. The number to be connected to your representative is: (202) 224-3121.

Thank you in advance for your immediate action on this critical issue.