Paycheck Protection Program is out of funds for most small businesses
CBSN
The Paycheck Protection Program, a key part in the federal government's economic response to the coronavirus, is nearly out of funding. Only $8 billion remains in the program, which has distributed nearly $800 billion in forgivable loans since launching more than a year ago.
Although the Trump administration billed the initiative as geared to small businesses, a significant share of the relief initially went to companies with thousands of employees or to the franchisees of large companies. A loophole in the Small Business Administration (SBA) program allowed money to be distributed to restaurants and hotels that would generally not be considered small businesses. The most recent round of Paycheck loans launched in early January with $284 billion in funding. The American Rescue Plan, which was passed in March, added another $7.25 billion to the program.
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