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SBA's $349 Billion Paycheck Protection Program is Out of Money

LongIsland.com

In less than two weeks, the SBA's $349 Billion Paycheck Protection Program is Out of Money

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According to the Small Business Administration (SBA) the Paycheck Protection Program (PPP) for small businesses, totaling $349 billion, has ran out of funds.

 The SBA says more than 1.64 million applications were approved, totaling $349 billion in loans from more than 4,900 lending institutions.

According to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said, “The SBA has processed more than 14 years’ worth of loans in less than 14 days... We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.”