The Paycheck Protection Program for Small Businesses Will Run Out of Money Today

The $349 billion loan program is meant to help small companies hit hard by social distancing.

by Billy Binion

The Paycheck Protection Program—the $349 billion stimulus loan program intended to help struggling small businesses amid COVID-19 shutdowns—will run out of money today, according to a new report from The Wall Street Journal.

As of Wednesday afternoon, the Small Business Administration (SBA) had approved about 1.4 million loan applications totaling $301 billion in funding. The remaining $48 billion is expected to be exhausted by the end of the day, with congressional Republicans and Democrats currently negotiating a deal to make additional funding available.

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