SAN ANTONIO – Two days after Governor Greg Abbott announced on Monday that the federal government Paycheque Protection Program would be at the center of its small business initiative, the US Small Business Administration said nearly $ 350 billion in PPP funds had been depleted.
Janie Barrera, President and CEO of LiftFund, the San Antonio community lender who processes loan applications in Texas, said she was aware there would be a cap on the amount of money available.
However, she said: “We had no idea the limit would be set or reached within 48 hours.”
Barrera and two local small business owners were part of the governor’s announcement.
By the time it became known that all of the PPP money had been loaned out to try and meet the overwhelming demand, Barrera said LiftFund had already processed the requests and put them into the system.
She said of the nearly 2,000 billion dollar aid requests, nine totaling nearly $ 800,000, were successfully submitted to the SBA and funded just in time.
Still, Barrera said, “LiftFund is devastated. It’s a sad situation that we have so many people in the pipeline right now who have been told to sit down and wait.
She said that of these, 900 are eligible for PPP loans.
“The important thing to remember is that LiftFund has not stopped processing these loans,” Barrera said.
“We want to make sure these 900+ apps are ready to go when the green light is given,” Barrera said.
When that will be or how much additional money will be allocated is unknown, according to Barrera.
“If these funds are not restored, my position is that we are going to find out where these funds can come from,” Barrera said. “It is imperative that we find a way to help small businesses. “
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