SBA Paycheck Protection Program Update

Updated 05/04/2021

Additional PPP Funds Depleted

On May 4, 2021, the U.S. Treasury announced that the additional $284 billion appropriated to the SBA for the Paycheck Protection Program (PPP) has been depleted.  At this time, Congress has not announced if additional funds will be appropriated for the program, and we will update this webpage if any changes occur.

We encourage you to visit the SBA’s PPP website frequently to stay abreast of any additional guidance regarding PPP loans. You may also visit the SBA’s Frequently Asked Questions page for more details.

 

Loans made under the SBA Paycheck Protection Program (“PPP Loans”) are subject to acceptance by the SBA and are funded from a finite dollar amount appropriated by Congress (the “PPP Appropriation”). Additionally, PPP Loans are in very high demand. As a result, the successful submission of a complete PPP Loan application through MidFirst does not guarantee that such application will either (a) be accepted by the SBA, or (b) ultimately result in the funding of a PPP Loan in the event that the PPP Appropriation is exhausted.

MidFirst makes no representation or warranty with respect to the availability of forgiveness with respect to any PPP Loan. Borrowers should conduct their own analysis about forgiveness before spending PPP loan proceeds. MidFirst is awaiting further details from the SBA on specific program requirements; therefore, MidFirst reserves the right to modify any aspect of its participation in the PPP, including without limitation any terms, requirements, documentation, or other aspects related to PPP loan forgiveness.