Updated May 4, 2021

SBA PAYCHECK PROTECTION PROGRAM FUNDS EXHAUSTED, APPLICATION PORTAL CLOSED

The Small Business Administration (SBA) has notified banks that the allocation of funds in the Paycheck Protection Program has been reached, and the program’s application portal has been closed.

The SBA has said that it has reserved approximately $6 billion in funding for previously submitted loan applications subject to hold codes that have yet to be resolved. There is also approximately $8 billion remaining in congressionally mandated funding for PPP loans made by designated “community financial institutions,” defined as minority depository institutions (MDIs) and community development financial institutions (CDFIs).

For Businesses That Have Submitted Applications to The Commerce Bank of Oregon:

Loan applications that have not yet received an SBA loan number have not been approved and will not be funded. If your application has been approved and you have received an SBA loan number, your loan will continue to be processed for funding.

Applying for Forgiveness:

If you have already obtained a Paycheck Protection Program loan through The Commerce Bank of Oregon and would like to apply for forgiveness, please click the link below to access the application for forgiveness.