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SBA’s Paycheck Protection Program 

5/4/21 - PPP Funds were Exhausted for lenders with the exception of specialty CDFI lenders and Minority Owned Depository Institutions.

The Small Business Administration has notified Endeavor Bank (and most lenders) that the funding for the Paycheck Protection Program is now exhausted and that the PPP application portal will stop accepting applications for loans from most lenders.

The SBA said that it has reserved approximately $6 billion in funding for previously submitted loan applications subject to hold codes that have yet to be resolved. There is also approximately $8 billion remaining in congressionally mandated funding for PPP loans made by designated “community development financial institutions, (CDFI's)” and "minority depository institutions (MDIs)   While Endeavor Bank is a community bank, the definition of a CDFI is defined here:

The SBA reminded trade associations that loan applications that have not yet received an SBA loan number have not been approved.  As SBA provides additional updates, we will share them on this page.

We will also collect Frequently Asked Questions and communicate them here in an effort to help us manage email and phone communications in the most efficient manner possible and keep our highly valued clients informed.  Thank you for your confidence in allowing our team to serve you during this difficult time.  

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