Where'd the money go?
The Small Business Administration’s Paycheck Protection Program (PPP) has exhausted the last of the $349 billion in funding provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The PPP hit its lending limit the morning of April 16th, after approving more than 1.6 million small business loans valued at $339 billion.
The remaining $10 billion is allocated for covering loan fees on approved small business loans.
Until Congress passes a bill to increase funding for PPP loans, the SBA is unable to accept new loan applications.
Until Congress passes a bill to increase funding for PPP loans, the SBA is unable to admit new lenders to the program.
Now is a critical time to Tell Your Reps how you feel about increasing funding – or not – to the Paycheck Protection Program’s small business loans