Paycheck Protection Program funds depleted
The Paycheck Protection Program (PPP) has run out of funds, the Small Business Administration said Wednesday, just under a month before it was scheduled to expire May 31.
The PPP was reauthorized at $284 billion earlier this year, and CUNA wrote to the Senate Small Business Committee in February that additional funding would likely be needed in 2021.
According to the SBA, the agency will continue funding currently outstanding approved applications.
Credit unions helped facilitate more than 200,000 PPP loans that averaged $47,000.