The Small Business Administration’s (SBA), Paycheck Protection Loan Program (PPP) intended to help small businesses, has doled out all of its $350 Billion in allocated funding.
The Small Business Administration announced that it has approved more than 1.6 million loan applications as of Thursday, April 16th and is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. They are also unable to enroll new PPP lenders at this time. It’s anticipated that this will put more pressure on lawmakers to reach an agreement for additional funding to the program, but a final agreement has yet to be made. We will keep you updated as this continues to develop.