Today, the U.S. Small Business Association ("SBA") stopped accepting applications for funding under the Paycheck Protection Program ("PPP"), as described under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The SBA stated that the $349 billion in funding provided by Congress under the CARES Act had been exhausted after it had processed over 1.6 million loan applications in the first weeks of the program.
While the SBA has urged Congress to increase the available funding for the program, no statement has been made suggested that such an increase will or will not occur.
Budletter will continue to monitor the situation as it further develops.
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