Paycheck Protection Program Runs Out of Money

One of the key programs intended to support the economy during the coronavirus crisis has run out of funds.

The Paycheck Protection Program, which offers loans to small businesses that can be forgiven if borrowers keep up their payrolls in the coming months, has run through all of the $349 billion appropriated by Congress, according to the website of the Small Business Administration.

The SBA administers the program, which backs loans made through banks to businesses with less than 500 employees.

Trump administration officials have been warning for days that demand for funds from the program has been so strong that it would run out of funding. The administration sought an additional $250 billion for the program but Democrats on Capitol Hill have balked at authorizing new funds without additional strings and new policies attached.