- Women’s Business Development Council says the Connecticut District Office has identified two community financial institutions still accepting Paycheck Protection Program applications
- PPP ran out of funding last week, but a portion of a set-aside for loans made through community financial institutions remains available
- Program expires on May 31
Summary by Dirk Langeveld
Connecticut businesses can still seek Paycheck Protection Program funding through two community financial institutions after the PPP exhausted its available funding last week, according to the Women’s Business Development Council.
The U.S. Small Business Administration informed lenders last week that it would continue to fund outstanding PPP applications that had been approved but would no longer accept new applications. However, it also noted that approximately $8 billion of a set-aside for community financial institutions remained available.
The WBDC announced that the Connecticut District Office of the SBA provided the names of two community financial institutions that are still accepting PPP applications:
- The Enterprise Center, which warns that applications submitted after May 17 may not be processed
- Leader Bank, which says it will continue to process applications from women, minority, and veteran business owners until May 31 or until funding runs out
An additional round of PPP funding was approved in the Economic Aid Act, with the American Rescue Plan adding some additional cash to make almost $292 billion available. The new round offered both first draw and second draw loans, but was limited to smaller businesses.
The program was originally set to expire on March 31, but was extended to May 31. The SBA will also be able to continue processing loans until June 30.
According to the SBA’s latest PPP report, 5.7 million loans totaling over $260 billion have been approved in the latest funding round. These include 51,034 loans totaling $3.15 billion to Connecticut businesses.
