PPP funding has been depleted

The Paycheck Protection Program funds approved by Congress have been depleted as of Wednesday, May 5. In recent weeks, 7 17 Credit Union has communicated with our business members that PPP funding would likely run out prior to the May 31 deadline. While the Small Business Administration was unable to provide a specific date, our PPP processor, Lucro, provided recent warning that funds were running low. We shared that information with our business members on multiple occasions, including emails sent out on April 29 and May 4.

The credit union was notified on May 5 that PPP funding has been depleted. The SBA is no longer accepting new applications for PPP funding. This includes applications that are ‘in process’ in Lucro, but have not been sent to the SBA. If the decision is made by Congress to extend or add additional funds to the program, we will notify our business members and reopen the application process.