Paycheck Protection Program Exhausts Initial Funding

Thirteen days after the federal government’s Paycheck Protection Program was initially launched, it has run out of funds. The $350 million loan program is designed to help small businesses, self-employed individuals, and independent contractors stay afloat during the country’s economic slump due to the COVID-19 pandemic. The US Small Business Administration, which manages the program, is no longer accepting new applicants or new lenders. Legislation to provide additional funding for the program is currently under debate in Congress. Click here to read more.