Checking in on the Paycheck Protection Program: How Long will the New Funding Last?

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: 

First Tranche

  • $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  

Second Tranche

  • $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

Lender  Status 
Anthem Bank and Trust  Existing clients only 
B1bank  Not accepting additional applications 
Bank of St. Francisville  All applicants; details available on the website 
Campus Federal Credit Union  Existing clients only 
Capital One  TBD 
Chase Bank  Not accepting additional applications; subject to change 
Citizens bank  Email 
Cottonport Bank  Existing clients only 
EFCU Financial  Existing clients prioritized; partnered with Kabbage 
Essential Federal Credit Union  All Applicants 
Guaranty Bank  Existing clients only 
Gulf Coast Bank  All Applicants 
Homebank  All Applicants 
Iberiabank  Existing clients only 
InvestarBank  Existing clients only 
LA Capitol FCU  TBD 
Liftfund  TBD 
Neighbors  All applicants 
Pelican State  Existing clients only 
Peoples Bank  All Applicants 
Plaquemine Bank  Existing clients only 
Red River Bank  Existing clients prioritized 
Regions  Already filed applications first, then new applicants 
Resource Bank  Existing clients only 
State Bank  Existing clients only 
Whitney Bank  Existing clients only 


Liz Smith

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.

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