Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

PPP Fund Officially Tapped Out

Chris Gaetano
Published Date:
Jun 1, 2021

The Paycheck Protection Program (PPP) is now closed to new applicants, as the program is officially out of money, the Wall Street Journal reported. The program had initially been scheduled to end May 31, but due to high demand, the funds ran out a few days earlier than expected, leading the Small Business Association to close shop on the popular aid effort.

General funds actually ran out in early May but there was still money set aside for the smallest of small businesses. The SBA, according to the Journal, received 125,000 new applications from such businesses on Friday, just before announcing the program was closed.

This does not mean, however, that the SBA is finished with its work; the Journal noted that it still needs to process hundreds of thousands of applications that made it in before the deadline, and this stage will take about a month.

The PPP was created in March 2020 as a provision of the CARES Act. Over the course of three rounds of funding, the PPP disbursed $961 billion worth of loans to about 11 million businesses throughout the country. Certain recipients of SBA loans can apply for loan forgiveness, and the SBA has provided FAQs about the loan forgiveness application process.

Click here to see more of the latest news from the NYSSCPA.