The American Bankers Association reported on April 12 that $205 billion of the $350 billion appropriated for Paycheck Protection Program (PPP) loans has been claimed. This number presumably represents applications that banks have processed and that have been approved through the Small Business Association (SBA). Keep in mind, approval by the SBA occurs before the loans are actually documented and funded.
While some small-business owners have received their PPP funds, the vast majority are still looking for a bank or are somewhere in their bank’s application or funding process. Frustrations are running high amongst small-business owners, but there is hope that the funding of these loans will increase significantly over the next week, as banks who started taking applications early are now moving on to the loan document and funding process. (For an overview of the PPP loan and how it can be forgiven, please refer to my prior article here.)