D.C. – The $350 billion Paycheck Protection Program aimed at providing government-financed loans for struggling small businesses has been depleted of funds after just two weeks of operation, Business Insider is reporting Thursday.
Business owners filing a loan application were met with a message from the Small Business Administration, which is managing the program under the $2.2 trillion economic relief law President Trump approved late last month.
“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” the SBA said. “Similarly, we are unable to enroll new PPP lenders at this time.”
Since the program is maxed out, small business owners can no longer file to get a loan to tide them over during the crisis.
Treasury Secretary Steven Mnuchin and Small Business Administration head Jovita Carranza Wednesday urged Congress to appropriate more funds. The SBA has processed more than 14 years’ worth of loans in less than 14 days, they said.
“We want every eligible small business to participate and get the resources they need,” two said in a joint statement.
Manufacturers awarded $30.32 billion
Manufacturing.net reports how the funds have been distributed thus far:
Construction firms were approved for the largest share of the loans, nearly 14%, or $34 billion. Many companies in construction are small, local or regional businesses. In second place were companies that provide professional, scientific and technical services, with 12.3% or $30.35 billion, and manufacturers were in third place with 12.25%, or $30.32 billion
Health care and social assistance companies were in fourth place about $28 billion in loans, and No. 5 was lodging and food services, with nearly $23 billion.