Other lenders also have backlogs awaiting SBA approval, and more applications they could have submitted.
Chris Hurn, the chief executive of Fountainhead Commercial Capital, a non-bank lender, said he has a backlog of more than 60,000 applications pending validation from the SBA, and nearly 35,000 more that could be submitted if the portal weren't closed.
"Everybody's going to be waiting now to see what the SBA does, if anything," said Hurn.
One year of PPP
The PPP was established in March 2020 as part of the CARES Act in response to the coronavirus pandemic. Since its inception, the program has given more than $780 billion in forgivable loans to more than 10.7 million borrowers, according to the latest available data.