The Small Business Administration (SBA) went through $349 Billion in just two weeks. As of Thursday, all money was tapped out.

A lack of money from the SBA leaves thousands of small businesses with a loan application sitting on someone's desk and out of help for the Paycheck Protection Program.

The Paycheck Protection Program that was approved by Congress was supposed to keep employees employed and businesses afloat during the COVID-19 Pandemic. Loans to businesses that were fortunate enough to receive funds will be forgiven IF they are able to maintain their workforce and not fire anyone due to the downturn of the economy.

If Congress pushes forward with more funding, those who already filed applications to receive funds should be the first to be approved if more money is granted. That said, if your application has been submitted already, your business will not need to reapply. Of course the big question that many are asking, will Congress approve more funds?

LINKS:

Previous news story with links to funding information when funding was available HERE.