May 7, 2021—The Paycheck Protection Program, a popular relief program throughout the last year of COVID-19, has run out of funds ahead of the May 31 close date.
CBS News reports that some $800 billion has been distributed over that year, and around $8 billion in already earmarked funds remain. The program has had multiple cash infusions and extensions over the year.
"After more than a year of operation and serving more than 8 million small businesses, funding for the bi-partisan Paycheck Protection Program has been exhausted," a spokesperson for the SBA said in a statement to CBS News.
