05/25/2021

PPP Ran Dry With Many Businesses Still in the Loan Process

Millions of businesses remained in the loan pipeline as the funds evaporated

When Carmelo Ramos, 36, got his second-draw loan from the Paycheck Protection Program (PPP) in February, he was grateful.

The $11,458 loan was more than the roughly $6,200 he got in the first round of the program in 2020. Though it didn't cover all the business his training consultancy lost due to the coronavirus pandemic, it helped.

Then, his Capital One personal business banker notified him he could get even more money — an additional $7,000 — if he gave back his loan and reapplied.

Please select this link to read the complete article from CNBC.