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Payment Protection Program Runs Out Of Money Ahead Of May 31 Application Deadline

Added 05-06-21 08:29:02am EST - “The enormously popular small business relief program, known as the Payment Protection Program (PPP) has run out of money.” - Stlouis.cbslocal.com

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Posted By TheNewsCommenter: From Stlouis.cbslocal.com: “Payment Protection Program Runs Out Of Money Ahead Of May 31 Application Deadline”. Below is an excerpt from the article.

NORTH TEXAS (CBSDFW.COM) – The enormously popular small business relief program, known as the Payment Protection Program (PPP) has run out of money.

During the past year, more than 8 million small businesses were given a PPP loan. In most cases, these businesses will not be required to pay these loans back.

While the federal program has been plagued with fraud, it has also been a lifeline for businesses struggling with pandemic shutdowns and restrictions.

Last month, the CBS 11 I-Team reported on how the PPP was on pace run out of money ahead of the May 31st application deadline. In the end, the fund were exhausted more than three week before the deadline.

In a statement from the U.S. Small Business Administration, the government agency said, “The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through community financial institutions, financial lenders who serve underserved communities.”

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