Small business COVID-19 relief program runs out of money | KSTP.com

Small business COVID-19 relief program runs out of money

In this Feb. 2, 2021 file photo, President Joe Biden speaks in the Oval Office of the White House in Washington. Photo: AP/ Evan Vucci/File. In this Feb. 2, 2021 file photo, President Joe Biden speaks in the Oval Office of the White House in Washington.

Associated Press
Created: May 05, 2021 01:29 PM

The government’s key COVID-19 relief program for small businesses has run out of money.

The Small Business Administration said Wednesday that the Paycheck Protection Program has been exhausted. As of Sunday, the PPP had given out nearly 10.8 million loans worth more than $780 billion since April of last year.

The program, which has run out of cash and refunded by Congress twice before, was scheduled to expire May 31. It’s not yet known if lawmakers will approve another round of funding.

More than half the loans and nearly a third of the loan money was given out this year, and included second loans for hard-hit companies.


(Copyright 2021 by The Associated Press. All Rights Reserved.)

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