Funding for the federal Paycheck Protection Program (PPP) is going quickly, and it is imperative that those companies that wish to take advantage of the PPP do so as soon as possible. The PPP has been funded in two tranches. Here’s how the two tranches compare so far:
- $349 billion total
- Applications opened April 3 and funding ran dry April 15
- Louisiana companies accessed $3.7 billion
- Just over 17,000 loans were made in Louisiana
- The total daily burn rate was about $29 billion
- $310 billion total ($60 billion dedicated to lending through CDFIs)
- Applications opened April 27
- $175 billion (56%) has been accessed as of May 3
- Louisiana companies have accessed $2.1 billion
- Just over 33,000 loans have been made in Louisiana
- The total daily burn rate is on par with the first tranche
Given the burn rate, it is fair to anticipate that this smaller second tranche should last approximately 9-10 days, depending on how quickly the CDFI set aside lasts.
To facilitate Capital Region companies taking advantage of the PPP before the funding is fully spent, BRAC’s staff reached out to lenders across the region last week to determine which are taking applications, and whether they are taking applications from only existing customers or from all applicants.
The information below is subject to change.
Lenders and PPP Status
As BRAC’s senior vice president of economic competitiveness, Liz leads the organization’s public policy advocacy, strategy, research, and reform activities aimed at advancing the quality of life and economic competitiveness of the Baton Rouge Region.