Jump to Content
ABA: The American Bankers Association
Press Release

Additional PPP Funds Needed for Small Businesses, Employees

WASHINGTON — Leading financial services trade associations today wrote Congressional leadership calling for Congress to quickly authorize additional funds for the Paycheck Protection Program. Funds from the original $349 billion authorization are expected to be fully obligated soon, leaving out countless small business owners and their employees still awaiting access to the program.

“The Small Business Administration’s Paycheck Protection Program has already provided a critical economic lifeline to small businesses across the country. Unfortunately, millions of other small businesses still need assistance which is why federal funding for PPP needs to be increased. Those businesses and their employees now face immediate economic threats related to the COVID-19 pandemic unless Congress acts. Banks of all sizes are eager to provide much-needed funding to our nation’s small businesses. While the Paycheck Protection Program has encountered challenges from the beginning, more than 4,600 lenders are participating. We call on Congress to expeditiously increase PPP funding to support lenders’ efforts, ensuring small businesses throughout our country have the opportunity to apply for and receive PPP loans,” the association heads wrote.

A copy of the letter, signed by American Bankers Association, Bank Policy Institute, Consumer Bankers Association and the Financial Services Forum, is available here.

Once the $349 billion authorized in the Coronavirus Aid, Relief and Economic Security (CARES) Act is exhausted, SBA can no longer process or guarantee loans under the program. The full value of these loans, which are available for 2.5 times a small business’s monthly payroll up to $10 million, is fully forgivable if the business uses at least 75 percent of the loan for payroll costs.


About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.8 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard nearly $19 trillion in deposits and extend $11 trillion in loans.

Press Contact

Jeff Sigmund

(202) 663-5439

Contact Jeff

Press Contact

BPI Media Contact: Sean Oblack

Contact Sean

Press Contact

CBA Media Contact: Nick Simpson

Contact Nick
Useful Links

Resources for the Media

Media Contacts

All inquiries from the press can be directed to one of our press contacts.

ABA Expert Photos

Hi-Res photos for use by the press.

ABA Media Appearances

Getting the industry's message out – in print and on the air – about banks' health and lending, as well as policies that are harmful to economic recovery.

Media Credentials

Complimentary press registrations are available for select events.

Join Our Media Lists

Want to be added to our news release list? Sign up here.

RSS Feed

Get ABA press releases via RSS.