Paycheck Protection Program Funds Depleted

Last week, SHRM and other employer groups urged congressional leaders to authorize more funding for the popular Paycheck Protection Program (PPP), which was established under the CARES Act, to provide small businesses with loans in exchange for maintaining employment levels during the coronavirus crisis. The $350 billion allocated to the PPP has been exhausted, and the Small Business Administration has stopped accepting loan applications, despite the ongoing need for financial assistance for the nation’s small businesses.

Negotiations between congressional leaders and the White House are ongoing to infuse additional funds into the PPP. SHRM will continue to advocate in support of additional funding for the PPP and expanding loan program eligibility to include all nonprofits.