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#2253641 - 05/07/21 02:56 PM PPP Funds Depleted - AAN?
Wonderofitall Offline
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Wonderofitall
Joined: Sep 2010
Posts: 174
Out West
We have some PPP applications that will not be funded due to the depletion of PPP funds. Should these applications be denied for that reason?
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#2253642 - 05/07/21 03:04 PM Re: PPP Funds Depleted - AAN? Wonderofitall
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,252
Galveston, TX
I suppose you could but probably not necessary. I am sure you are going to confirm with the applicant in some manner that you will not be moving forward with their application.

1002.2(c)(2) The term does not include:

(iv) A refusal to extend credit because applicable law prohibits the creditor from extending the credit requested; or

(v) A refusal to extend credit because the creditor does not offer the type of credit or credit plan requested.
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#2253643 - 05/07/21 03:06 PM Re: PPP Funds Depleted - AAN? Wonderofitall
Wonderofitall Offline
100 Club
Wonderofitall
Joined: Sep 2010
Posts: 174
Out West
Thanks, Mr. Carey!
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#2253686 - 05/08/21 01:22 PM Re: PPP Funds Depleted - AAN? Wonderofitall
terpsfan Offline
Diamond Poster
Joined: Feb 2007
Posts: 1,973
For the ones that we already accepted applications for but did not get approved in time we are sending adverse action notices. For the ones that inquire going forward we will just say that we do not offer that product anymore due to funds being depleted.

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