Less than 1 week from the launch of the SBA PPP (Small Business Administration Paycheck Protection Program), the $349 Billion have been completely used.
The SBA Website now has a notification reading:
“The SBA is currently 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.”
BREAKING: All PPP funds are exhausted. 4,975 lenders approved 1,661,397 loans (thats 14 years’ worth of SBA guaranteed loans in less than 14 days) worth $350 BILLION @SRuhle
— Ali Velshi (@AliVelshi) April 16, 2020