Here’s what local banks are telling customers seeking PPP now that they can’t process applications

PITTSBURGH — With PPP down to roughly $8 billion via specialized lenders focused on very small businesses and $6 billion for applications the SBA put on hold as it awaits more information, the role of banks has shifted.

Those who received applications after the U.S. Small Business Administration said late on May 3 that the Paycheck Protection Program was out of money are working to help those clients — and focusing on the next big task of obtaining forgiveness for loan recipients.

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As of May 9, 5,716,350 PPP loans were approved at a combined $260 billion, the SBA said. Pennsylvania had 152,597 loans at $9,425,966,758, ranking nationally sixth by dollars, eighth by loans.

Read more from our news partners at the Pittsburgh Business Times.

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