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SBA Stops Accepting PPP Loan Applications

Although we do not have an official statement from the SBA, the agency has reported to industry trade groups that they stopped accepting new applications on May 4, 2021, for PPP loans from most lenders, including Emirates Standard Bank. The SBA has apparently reserved some funds for PPP loan applications submitted by Community Development Financial Institutions (CDFIs) and Minority Depository institutions (MDIs).