– Senior Staff Reporter, Washington Business Journal The Small Business Administration’s Paycheck Protection Program has officially exhausted its funds for most lenders. The SBA began notifying trade associations Tuesday evening that it was no longer accepting applications for new loans from most lenders. But there is still a way to get new PPP loans, and that is through what SBA calls a “community financial institution,” which includes Community Development Financial Institutions, minority deposit institutions and other qualifying small lenders. Those lenders have access to about $8 billion in loan funding as part of a congressionally-mandated set aside. That means PPP loans in progress that have not yet received SBA loan numbers will not be approved unless they come from a community financial institution. “They already shut down the portal for applications,” said Paul Merski, group executive vice president of congressional relations and strategy for the Independent Community Bankers of America. “We had a conversation with SBA over the past couple of days, and they went through the numbers with congress and went through the numbers with us and funds for all but community financial intuitions have been exhausted.” PPP loans that are being held up by so-called “hold codes” and require additional information will still be funded, as the SBA has set aside about $6 billion for those loans, according to a Tuesday bulletin by the American Bankers Association. “I think most businesses are going to find the window has closed on PPP applications. Congress isn’t even in session this week to do anything about it,” Merski said. Overall community financial institutions have approved just more than $19 billion across 748,581 loans during the second PPP round through May 2, according to the SBA, with an average loan size of $25,614. And while more than 5,200 lenders have participated in the PPP, only 454 were community financial institutions. The news came after the National Association of Guaranteed Government Lenders predicted available funding would soon run out, based on how much in interest and fees the SBA needed to pay on PPP loans, cutting into the $291 billion in authorized funding. We wrote about that breakdown and the dwindling funding here. “After more than a year of operation and serving more than eight million small businesses, funding for the bipartisan Paycheck Protection Program has been exhausted," the SBA said in a statement. "The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities. The SBA is committed to delivering economic aid through the many Covid relief programs its currently administering and beyond.” The SBA continues to roll out new aspects of its various grant programs. On April 23, it announced it was rolling out Supplemental Targeted Advances, which will go to 1 million eligible small businesses that the SBA said it will begin contacting over the coming weeks. These grants will be open to small businesses even if they have already received $10,000 through its other grant programs, but a company must be located in a low-income neighborhood as designated by this SBA mapping tool. Meanwhile, thousands of restaurants registered for the opening day of the SBA's new Restaurant Revitalization Fund, which offers grants of up to $10 million from a pool of $28.6 billion.https://www.bizjournals.com/bizjournals/news/2021/05/04/sba-ppp-funds-lender-loan.html
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Street preservation - Slurry seal work will continue this week. Several residential roads will see one-day closures in Bend. To see if your street will be affected, head to our Street Preservation page for a list of projects. NE Division Street between NE Division Street and NE 3rd Street (Highway 97 Business) for ADA ramp construction, lane closures along Division Street, 5/3/21 - 5/21/21, 8 a.m. - 3:30 p.m. NE Butler Market – Purcell Intersection - closed for roundabout construction beginning May 3rd - mid September. This is part of the empire corridor project. For further information, visit bendoregon.gov/empire . Brosterhous Road between Parrell Road and Brentwood Avenue for infrastructure installation, single get the facts lane closures with flagging, 5/4/21 - 5/28/21, 9 a.m. - 3:30 p.m. SE Reed Market Road between SE 6th Street and SE Herold Street for water service replacement, single lane closure with lane shift, 4/26/21 - 5/12/21 NW Skyline Ranch Road between NW Chianti Lane and NW Shevlin Meadow Drive for infrastructure installation, full road closure, begins 4/12/2021 McClain Drive between NW Shevlin Park Road and NW Shevlin Meadow Drive for infrastructure installation, work began 11/30/20 SW Colorado – Columbia intersection – Closed for Roundabout construction beginning March 1st – mid-May. Additional road closures related to closure listed below. For further information, visit bendoregon.gov/Columbia-roundabouts . Colorado Avenue between SW Emkay Drive (west) and SW Emkay (east) SW Columbia Avenue closed between SW Emkay Drive and SW Disk Drive Desert Woods Neighborhood Extension Project – Roads closed for Sewer main installation with local access, 3/8/21 - 5/31/21. For further information, visit bendoregon.gov/desertwoods . East Lake Drive between Twin Lakes Loop and Newberry Drive Twin Lakes Loop Between SE 15th Street and Newberry Drive SE Murphy Road between Country Club and Parrell Road for roadway widening and modernization, full road closure with local access and detours, November 2020 – Summer 2021 US HWY 97 between Exit 135A and Exit 139 to Reed Market Road for ODOT overnight resurfacing, southbound lanes with detour onto US 97 Business Route (3rd Street). 3/15/21 - 5/15/21 US HWY 97 between Exit 139 and Exit 141 to Murphy Road for ODOT overnight resurfacing, southbound lanes with detour onto US 97 Business Route (3rd Street). 3/15/21 - 5/15/21 SW Simpson Avenue between SW 15th Street and SW 18th Street for right of way improvements, full road closure with detour, 3/15/21 - 5/1/21 Newport Corridor Improvements Project – Various intersections along Newport Avenue to be closed due to updates in the water main and stormwater facilities. Road closures related to the project listed below. NW Nashville Ave between NW Drake Road and NW Newport Ave for infrastructure installation, full road closure, starting 4/5/21 Intersection of 9th Street and Newport Avenue for infrastructure installation, full roundabout closure with detour, starting 4/5/21 Via Sandia between Sky Harbor Drive and Cabin Court for infrastructure installation, full road closure with local access, 5/17/21 - 6/30/21 Cabin Ct between Via Sandia for infrastructure installation, full road closure with local access, 5/17/21 - 6/30/21 Work schedules look at this web-site are dependent on weather conditions and other factors.https://ktvz.com/news/bend/2021/05/07/city-of-bend-road-and-traffic-report-week-of-may-10-16/