The Small Business Administration’s (SBA) Paycheck Protection Program (PPP), enacted to help businesses deal with the coronavirus disease (COVID-19) pandemic by providing loans so small businesses can keep their workers on the payroll, ran out of funding Thursday morning. According to the SBA, it is no longer able to accept new applications at this time and they will continue to process submitted applications on a first-come, first-served basis.

“Credit unions have been instrumental in getting these needed funds to small businesses around the country over the past few weeks, and it’s clear that these funds are providing a needed lifeline to impacted businesses,” said CUNA President/CEO Jim Nussle. “We urge Congress to come together on a deal to add additional funds, as it’s clear that as the effects of the pandemic continue, more businesses will find themselves impacted.”

Congress would need to approve additional funding for the PPP.

The PPP is designed to help small businesses meet payroll and other costs as they are impacted by the COVID-19 outbreak. It was funded at $349 billion by the CARES Act and began distributing funds April 3.