PPP General Funding Has Run Out, Most Businesses Can No Longer Apply
5/5/2021Articles & Podcasts
Less than a month before the May 31st application deadline, the Small Business Administration (SBA) says general funding for the Paycheck Protection Program (PPP) has run out, meaning most businesses can no longer apply for a PPP loan.
For businesses with an outstanding approved application, the SBA says those loans will still be funded. However, new qualifying applications will only be funded through Community Financial Institutions. It is unclear if Congress will try to add more funds to the program.