Paycheck Protection Program Is out of Money

Photo via Pixabay/Stephanie Jenkins.

The Small Business Administration (SBA) posted a notice on its webpage yesterday that the federal government’s $349 billion Paycheck Protection Program (PPP) has run out of money.

The program “is currently unable to accept new (PPP loan) applications based on available appropriations funding,” the announcement reads.

As well, the SBA is refusing Economic Injury Disaster Loan applications. According to SBA:

“The SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.”

The PPP is designed for small businesses of 500 or fewer employees. According to the SBA, more than 1,637,000 loan applications valued at “over $339 billion” had already been approved.

Congress and the Trump administration have been in talks on a new stimulus package, however an announcement on a new agreement has not been issued.

 

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