The Paycheck Protection Program (PPP), a $349 billion federal relief program for U.S. small businesses that launched April 3, ran out of money April 15, just 13 days after it started. Many who applied are now left waiting for a lifeline to fund their payroll and avoid layoffs until the economy returns to normal. The government-backed loans, which are forgivable in full or in part if employers use the money to keep employees on the payroll for eight weeks.
The government-guaranteed loans were available on a first-come, first-served basis, but without further funding, these small businesses that have flooded banks with applications won’t get any help.
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