April 16, 2020

Paycheck Protection Program Out of Money, According to SBA

Today the Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP), the forgivable loan program for small businesses under 500 employees, has run out of its $350 billion in appropriated money.

According to the SBA, they are “currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.”

While Congressional Republicans and President Trump have called on Congress to provide another $250 billion for the program, Democrats are insisting that any new bill to provide more money for the PPP also include state and local aid and an increase in the benefits under the Supplemental Nutrition Assistance Program.