 | May 16, 2020 |
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| Over 40% of PPP funds were still available nearly two weeks after the program was relaunched. |
Considering that the PPP's initial $350 billion funding was exhausted in just two weeks, this deceleration comes as a big surprise, as many anticipated the second round of funds to be depleted at the same rate.
Duplicate applications and concerns about unclear repayment terms may have contributed to the apparent drop in demand, while other prospective borrowers likely found that the program wasn't right for their situation or are waiting on clarification from the government.
The slower pace of requests could make the facilitation process more manageable — and while banks still stand to gain billions in fee revenue from the program, they could collect less than initially anticipated.
Business Insider Intelligence's Rachel Green has the full story. |
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