There is money left because people were scared shitless after the SBA threatened criminal prosecution for misleading certifications. The problem is that issued a statement redefined the certification after the fact and made it much more strict and than when they were initially released. All of the sudden a bunch of people thought accepting the PPP funds would land them in Jail. Go to the reddit PPP or small business threads and you’ll see tons of people returning funds and expressing fear.

It’s important to note that the SBA issued its announcement after the public outrage of large companies receiving PPP. They have since back tracked and issued a blanket protection from audit for loans under $2M but the damage was done and the $130B hasn’t been touched since.

I stand corrected. Early reports were reporting that many were not able to obtain loans due to the fund being consumed. I’ll delete my comment.