Paycheck Protection Program: SBA runs out of authorized funds and stops taking applications

The stated desire of Congress and the Administration in the Paycheck Protection Program (“PPP”) has been to get money into the hands of business owners — and keep workers off the unemployment line — absolutely as quickly as possible.

But that hasn’t prevented the endless delays and bickering between the democrat House and the GOP Senate in getting full appropriation for the program approved.

Read here that the Small Business Administration website now reads that it is “unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time.”

Watch this blog for further updates and contact Rebecca L. Simpson (513.797.2856) for more information on this program.  She is keeping updated on the rules and the daily developments.