Approximately $150 billion of the $660 billion allocated to the Paycheck Protection Program (PPP) has gone untapped, according to data from the Small Business Administration – which shows that weekly PPP lending has “actually been negative since mid-May,” as fewer firms applied for loans and some borrowers returned funds, according to Reuters.

According to Bank of the West president Cindy Blankenship of Grapevine, TX, demand for the loans after the initial cash-grab “just dried up.”

“I think it’s a mixture of uncertainty and anxiety and fear, and the uncontrollable factor about employment and rehiring,” she added – noting that of her bank’s customers who did take out PPP loans (some $87 million), many haven’t touched them.



Read more…