PPP Funds begin Flowing

The SBA reported on 4/13 that approximately 65% of the $350 Billion allocated to the Payroll Protection Program (there is talk of an additional $250 Billion in funding) was already committed. Similarly, Crain's reported on 4/13, that locally CIBC and Wintrust approved 9,000 PPP applications. Consistent with those announcements, we have heard from several businesses that their PPP applications have been approved and funding has started.