Associated Press, "Small business COVID-19 relief program runs out of money" (PBS NewsHour, May 5, 2021)
Summary
An Associated Press article by Joyce M. Rosenberg, dated May 5, 2021, reporting that the Small Business Administration said the Paycheck Protection Program has been exhausted. It says that as of Sunday the program had given out nearly 10.8 million loans worth more than $780 billion since April of the prior year, and that the program was scheduled to expire May 31. It says more than half the loans and nearly a third of the loan money were given out this year, including second loans for hard-hit companies. The article states that the agency will continue to fund approved applications, and that new applications made through Community Financial Institutions would also be funded.
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“Associated Press, ‘Small business COVID-19 relief program runs out of money’ (PBS NewsHour, May 5, 2021).”
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By — Joyce M. Rosenberg, Associated Press Joyce M. Rosenberg, Associated Press - https://www.pbs.org/newshour/economy/small-business-covid-19-relief-program-runs-out-of-money - Email - Facebook - Twitter - LinkedIn - Pinterest - Tumblr Small business COVID-19 relief program runs out of money Economy May 5, 2021 2:22 PM EDT NEW YORK (AP) — The government's key COVID-19 relief program for small businesses has run out of money. The Small Business Administration said Wednesday that the Paycheck Protection Program has been exhausted. As of Sunday, the PPP had given out nearly 10.8 million loans worth more than $780 billion since April of last year. The program, which has run out of cash and refunded by Congress twice before, was scheduled to expire May 31. It's not yet known if lawmakers will approve another round of funding. READ MORE: 'The system was never created for us.' Business owners of color still struggle to get enough COVID aid More than half the loans and nearly a third of the loan money was given out this year, and included second loans for hard-hit companies. The SBA said in a statement it will continue to fund applications that have been approved. New applications made through Community Financial Institutions, which are financial lenders that serve underserved communities, would also be funded. A free press is a cornerstone of a healthy democracy. Support trusted journalism and civil dialogue. By — Joyce M. Rosenberg, Associated Press Joyce M. Rosenberg, Associated Press Support Provided By: Learn more Educate your inbox Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else.
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