Funds Depleted for SBA Lending Program
Funds for the first-come, first-served SBA Paycheck Protection Program are depleted, according to the SBA website. Congress allotted $349 billion for the Program as part of the $2.2 trillion coronavirus spending bill known as the CARES Act. The Paycheck Protection Program increases the government guarantee for SBA 7(a) loans through December 31, 2020 and is/was available to companies with 500 or fewer employees.
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