May 11, 2021—The Paycheck Protection Program is officially out of cash for most businesses, CNN reported.
"After more than a year of operation and serving more than eight million small businesses, funding for the bipartisan Paycheck Protection Program has been exhausted," an SBA spokesperson announced last week.
The program was set to close May 31, an extension of its previous deadline, but without the capital to sustain the program, this effectively marks the end of the program.
The SBA says it will accept some new applications for businesses in underserved areas— but for the majority of businesses the program is now closed.
The program, a core element of the congressional response to the economic crisis caused by the pandemic, reopened in January with an additional $284 billion for first-time borrowers as well as for second loans to those who participated in the first round in 2020.
