Paycheck Protection Program has run out of money for most borrowers. What you need to know

The Paycheck Protection Program has run out of money for most borrowers before its planned May 31 end, the Small Business Administration said.

Going forward, the program will only accept new applications from community financial institutions, which typically serve minority borrowers, as about $8 billion in funding was set aside for such businesses.

Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Carmen Reinicke

Original Article Posted on:  MAY 5 2021

Link to Original Article:  https://www.cnbc.com/2021/05/05/ppp-has-run-out-of-money-for-most-borrowers-what-to-know.html