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Payroll Protection Program already out of money

The U.S. Small Business Administration announced Thursday that the Paycheck Protection Program would not be accepting any more applications for the $349 billion program, because it is already out of money.

The Payroll Protection Program is one of the federal government’s key pieces to the recently-passed stimulus to help small businesses and employees stay afloat.

SBA reports that it approved more than 1.6 million Paycheck Protection Program loan applications totaling more than $339 billion from 4,900 ending institutions.

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One of the biggest draws of the program is that businesses who borrow and don’t lay off workers in the next eight weeks can have their loans forgiven.

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