Less than two weeks after launch, the Trump administration’s Paycheck Protection Program (PPP) for small businesses slammed by coronavirus has run out of funds.
Less than two weeks after launching on April 3, the Trump administration’s Paycheck Protection Program for small businesses slammed by coronavirus has run out of funds, hitting the $349 billion initial allotment on Thursday morning, according to the Small Business Administration .
It’s unclear how much of the $349 billion has actually been sent out the door to recipients—the SBA is not sharing disbursement figures, nor are the majority of banks—but by all accounts it is a very small portion so far. According to the website CovidLoanTracker.com, 84% of the PPP loan money that has been sent out has come from small or regional banks, with 9% of the funds coming from JPMorgan Chase .
In a joint statement on Wednesday evening, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said, “The SBA has processed more than 14 years’ worth of loans in less than 14 days... We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.
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