CONGRESS HAS NOT PASSED THE ADDITIONAL $250 MILLION REQUESTED BY THE WHITE HOUSE, SO THE PAYCHECK PROTECTION PROGRAM IS NOW CLOSED. THIS IS THE EMAIL FROM BB&T:
As you are likely aware, the SBA has announced that the limited amount of funds allocated for the Paycheck Protection Program (PPP) have been exhausted.
In anticipation of possible additional funding from Congress, we have thousands of teammates working diligently to continue processing requests. However, due to enormous interest and the unprecedented volume of applications we’ve received, we’ve made the difficult decision to no longer accept new applications.
We will continue to closely monitor potential developments for the PPP program and provide email updates to all who have applied for a loan or registered on our website. Given the extraordinary demand for PPP loans, not every qualified applicant will receive a loan under the PPP from Truist.
The banks have generally opposed this program because they could not charge enough interest or the usual high fees for SBA loans. Based upon my clients, they processed “favored” customers first and left others hanging.
Let’s see what happens if Congress wakes up!