The Paycheck Protection Program (PPP) designed to help small businesses with fewer than 500 employees amid the coronavirus pandemic, including farmers, has run out of money. The Small Business Administration made the announcement on Thursday.
In a joint statement on the SBA website, 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. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time.”
Now that the $350 billion limit has been hit, “By law, the SBA will not be able to issue new loan approvals.
Mnuchin and Carranza are urging Congress to act to provide additional funding for the PPP, calling it “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.”
Speaking to Indiana corn and soybean farmers via teleconference on Thursday, Senator Mike Braun (R-IN) said he believes the additional funding will happen. He’d like to see smaller businesses, including farmers, who really need the assistance move to the front of the line.