SBA's $349B Paycheck Protection Program officially runs out of money

SBA's $349B Paycheck Protection Program officially runs out of money

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The Small Business Administration’s $349 billion Paycheck Protection Program has officially run out of money. The notice, posted on the SBA’s website, states the “SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time." The loan program, which offers forgivable loans to small businesses as long as most of the money goes to payroll costs, was first authorized…

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