Important update from the SBA Regarding the PPP Program:
SBA has released new information saying the PPP fund is closed to new applicants, except for applications from lenders that are CFIs (CDCs, CDFIs, and MDIs). SBA has stated that there is about $8.6 billion in remaining set aside for new applications submitted by CFIs. These funds will be available until May 31 or until funds run out.
Please note that the Purchase Area Development District is NOT a PPP lender, therefore, there is no guidance that the PADD Office can provide on the PPP Program.