SBA aid program runs out of money
The government’s key COVID-19 relief program for small businesses has run out of money.
The Small Business Administration said Wednesday that the Paycheck Protection Program has been exhausted. As of Sunday, the PPP had given out nearly 10.8 million loans worth more than $780 billion since April of last year.
The program, which has run out of cash and refunded by Congress twice before, was scheduled to expire May 31. It’s not yet known if lawmakers will approve another round of funding.
The SBA said in a statement that loan applications that have been approved would still be funded.