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On Wednesday, the U.S. Small Business Administration’s (SBA) Maine district office provided updates on the Paycheck Protection Program (PPP). The office reported that through April 13, PPP loan volume reached 1,035,086, with loans totaling $247,543,393. These loans have been administered through 4,664 lending institutions.
In Maine, 10,889 PPP loans have been processed, with loans totaling $1,710,424,025. Maine ranks 3rd in volume behind Massachusetts and Connecticut and outdistances other New England states by a wide margin. 98 lending institutions are participating in the program in Maine.
The U.S. Treasury Department has posted an updated FAQ document on its website. The SBA also has released new information including a new Fact Sheet for Borrowers, and an Internal Final Rule (IFR) Additional Eligibility Criteria and Requirements for Certain Pledges of Loans. The new IFR provides clarity for calculating a sole proprietor’s payroll costs to the owner, addressees loans to directors and associates, and outlines how loan forgiveness will be calculated. The SBA is encouraging all lending institutions to thoroughly read the IFR in its entirety.
The SBA PPP loan program could run out of funding very soon. Congress has not approved an additional appropriation to expand the program, but a legislative agreement could come soon in the form of a short-term stopgap or another large allotment of funding.
The League will continue providing updates about this important program.