Paycheck Protection Program out of money: Thousands of small businesses shut out

https://www.cbsnews.com/news/paycheck-protection-program-out-of-money-small-businesses-shut-out/

By Stephen Gandel
April 16, 2020 / 2:29 PM

A key piece of the federal government's stimulus efforts to help small businesses and their employees has run out of money, shutting out thousands of potential borrowers who were seeking aid amidst the coronavirus-driven economic plunge.

The U.S. Small Business Administration said Thursday morning the Paycheck Protection Program wouldn't be accepting any more applications for the $349 billion program. The agency reported approving more than 1.6 million Paycheck Protection Program loan applications totaling more than $339 billion from over 4,900 lending institutions.

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