LITTLE ROCK, Ark. (News release) — On April 16th, SBA and Treasury shut down bank access to the PPP application portal when the initial $350 billion funding threshold was met. The Arkansas Bankers Association continues to urge Congressional leaders for swift passage of additional funding for the Small Business Administration (PPP) Paycheck Protection Program.
According to ABA President/CEO Lorrie Trogden, “Without further Congressional funding, small businesses and their employees will continue to suffer economic damage. The banking industry stands by small businesses across Arkansas; banks have thousands of pending applications to process once new funding is signed into law.”
To determine how many of those loans are in the pipeline, ABA surveyed its members on applications pending or in process and the total dollar amount of the pending loans. ABA has collected the following data from 41 Arkansas community banks:
- 12,995 Total PPP loan applications are pending or in process
- $1,104,098,801 Total dollar amount represented by the applications in limbo
ABA again calls on congressional leadership to move for swift passage of additional funding for the Paycheck Protection Program to help Arkansas small businesses.