PPP Funds Run Dry
Yesterday the SBA's Payment Protection Program ran out of funds. The entire $349 billion in small business loans have been distributed, amounting to over 1.5 million loans.
Although the Senate has been in negotiations to replenish the program for over a week, no deal has yet been struck. The initial proposal was to put an additional $250 billion in the program. However, many experts have estimated that at least $1 trillion will be needed to ensure every business gets a loan. Unfortunately, the Senate adjourned yesterday afternoon until Monday; so any deal won't happen until then.
If you are a business currently outside looking in, don't panic. Although the Senate is relatively dysfunctional, a deal is almost certain by early next week.
We will be keeping everyone updated to the most up to date information.