The CARES Act allocated $349 billion in funding for small business loans under the Small Business Administration’s 7(a) Paycheck Protection Program (PPP). As of Thursday April 16, this funding ran dry. It took less than two weeks from the April 3 rollout of the SBA loan program for this to occur, with total loans averaging $29 billion per day. Critical guidance that clarified the manner in which self-employed individuals request PPP loans emerged only three days prior to the funding depletion. Fortunately, Congress appears to be on the verge of replenishing funds available for PPP loans, so eligible business concerns should continue preparations to take advantage of this loan program.
