Small businesses: PPP funds are exhausted, now what?
April 23, 2020
Women's Business Center director
Center for Rural Affairs
As of Thursday, April 16, the U.S. Small Business Administration announced that the Paycheck Protection Program had reached the maximum loan limit authorized by Congress, just 14 days after small businesses were first able to apply.
The program was created as part of the CARES Act, signed into law on March 27, which included $377 billion in relief to small businesses, with $350 billion of that allocated to the PPP.
Congress is debating a proposal to add $250 billion to the program. Action could come as soon as this w...