PPP Is Out Of Money

May 11, 2021
The SBA says it will accept some new applications for businesses in underserved areas but for the majority of businesses the program is now closed.

May 11, 2021—The Paycheck Protection Program is officially out of cash for most businesses, CNN reported. 

"After more than a year of operation and serving more than eight million small businesses, funding for the bipartisan Paycheck Protection Program has been exhausted," an SBA spokesperson announced last week. 

The program was set to close May 31, an extension of its previous deadline, but without the capital to sustain the program, this effectively marks the end of the program. 

The SBA says it will accept some new applications for businesses in underserved areas but for the majority of businesses the program is now closed.

The program, a core element of the congressional response to the economic crisis caused by the pandemic, reopened in January with an additional $284 billion for first-time borrowers as well as for second loans to those who participated in the first round in 2020.
 

About the Author

FenderBender Staff Reporters

The FenderBender staff reporters have a combined two-plus decades of journalism and collision repair experience.

Sponsored Recommendations

Valvoline Partner Solutions

We arm you with products that build trust, tools that unlock productivity, and training that drives business performance, so you feel confident in where your...

Grow the business you know

Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.

Solutions that drive results

Connect with Valvoline experts to increase operational efficiency and customer loyalty – from Valvoline-funded promotions to hands-on training, we’re here to...

Free Resources for Shops Like Yours

View insights, research and solutions curated specifically for shops like yours.