PPP and EIDL funds exhausted

The Small Business Administration has reported that it will stop accepting applications for Paycheck Protection Program loans once the processed loan volume reaches the $349 billion level authorized by the CARES Act. Once that point is reached, the SBA said, lenders will no longer be able to send PPP applications to the SBA's system. Loan applications received by banks but not yet submitted to SBA will not be able to be completed. It is expected that the funds will be exhausted today (Thursday, April 16), perhaps as early as this morning. Additional PPP funds won't be available unless Congress acts to supplement the program.

The SBA has also posted a notice that loan advance funds under the EIDL program have been fully committed, and no further applications under that program can be accepted.

UPDATE: The SBA added a notice to its PPP information page this morning (April 16) that "The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding." We updated the headline for this story accordingly.