NORTH TEXAS (CBSDFW.COM) – The enormously popular small business relief program, known as the Payment Protection Program (PPP) has run out of money.
During the past year, more than 8 million small businesses were given a PPP loan. In most cases, these businesses will not be required to pay these loans back.
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The relief program has cost taxpayers more than $770 billion.
While the federal program has been plagued with fraud, it has also been a lifeline for businesses struggling with pandemic shutdowns and restrictions.
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Last month, the CBS 11 I-Team reported on how the PPP was on pace run out of money ahead of the May 31st application deadline. In the end, the fund were exhausted more than three week before the deadline.
In a statement from the U.S. Small Business Administration, the government agency said, “The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through community financial institutions, financial lenders who serve underserved communities.”
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Government officials said for small businesses still struggling, new more targeted relief programs, such as the Restaurant Revitalization Fund, are in place to help.