In today’s POLITICO “Morning Money” newsletter — a leading financial services beat in Washington, D.C. — TRP’s Jason Rosenstock provided an overview on the current state of play for the timing of Congressional action to replenish the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Rosenstock noted that as of this past Saturday, SBA has approved 725,000 loans totaling more than $189 billion. He also citing the increased urgency for Congress to address additional funding for the program as the applications continue to pour in. “Increasing the pool of eligible lenders via the inclusion of fintech and other non-bank lenders last week may accelerate the PPPs burn rate,” said Rosenstock. “However, it is unclear whether it will do so at a speed that forces Congressional Democrats and Republicans to finalize a deal this week.”
The citation in its entirety can be read below.
HOW MUCH PRESSURE TO ADD FUNDS TO PPP? — Thorn Run Partners’ Jason Rosenstock: “[A]s of this past Saturday, the Small Business Administration reported that banks had approved 725,000 loans totaling over $182 billion dollars. (slightly more than half of the $349b available).
“Increasing the pool of eligible lenders via the inclusion of fintech and other non-bank lenders last week my accelerate the PPPs burn rate. However, it is unclear whether it will do so at a speed that forces Congressional Democrats and Republicans to finalize a deal this week.”