Paycheck Protection Program runs out of money, closing to most new applicants

The Paycheck Protection Program, a vital lifeline that helped keep small businesses afloat during the coronavirus pandemic, exhausted its funding on Tuesday and stopped accepting most new applications, four weeks before it was slated to end.

Just a fraction of the $292 billion that Congress allocated to the rescue fund this year is left – most of which is reserved for financial lenders that serve underserved communities, according to a Small Business Administration spokesperson. Those lenders will be allowed to process qualifying applications until the remaining money runs out.