Small-business loan program hit its $350B cap and is now out of money
The depletion of the fund's resources had been expected for several days, and is set to launch a battle between Democratic and Republican lawmakers over the shape of additional relief funding.
The PPP loan program was well intended but had a"structural flaw" in how it was executed, said Mehrsa Baradaran, a professor specializing in banking law at the University of California, Irvine. In the meantime, business owners can look around for local and state grants. Anyone who has already been approved by the SBA should make sure their bank deposits the earmarked funds.
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