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The American Rescue Plan passed in March appropriated an additional $7.25 billion to the PPP, bringing the total to nearly $292 million. As of April 5, the Small Business Administration, which oversees the program, has approved nearly 4 million PPP loans worth about $224 billion, according to the agency. That means about $68 billion is left. The idea of money running out hadn t been top of mind, at least in this round of the program, until just before the extension passed. In a March 24 hearing before the Senate Committee on Small Business Entrepreneurship, Patrick Kelley, associate administrator at SBA s Office of Capital Access, noted that the PPP had about $79 billion left, which would be exhausted by mid-April if applications continued at a similar pace.

United statesRebecca shiErik asgeirssonSam sidhuSarah fosterPatrick kelleySenate committee on small business entrepreneurshipOffice of capital accessAmerican business immigration coalitionAmerican instituteBiden administrationCustomers bankSmall business administrationPaycheck protection programAmerican rescue planSenate committee