As President Biden extended the application deadline for the Paycheck Protection Program until May 31, many eligible small business owners completed their applications and have been waiting for approval.
Funding for the program, however, has reportedly run out just a few days into the month of May.
Loan agents such as Womply sent out mass emails to applicants Tuesday evening updating them on the news of the funding shortage and encouraging business owners to not give up.
Womply is hopeful that if small business owners across the country contact the President Biden, the Small Business Administration, and their U.S. senators, and representatives, that more funding will be provided by Congress.