The Payroll Blog

News, tips, and advice for small business owners

PPP Funds Run Out: What That Means for You

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Caitlin Carragee

The SBA announced today, April 16, 2020, that the initial $349 billion authorization for loans under the Paycheck Protection Program has been exhausted.

A loan agreement form on a clipboard.

Update 3/30/21: On Tuesday, March 30, President Biden signed into law a 2 month extension for the current round of Paycheck Protection Program funding. In order to receive funds through the program, eligible businesses will need to apply by May 31st.

Update, 1/14/21: The Paycheck Protection Program began a phased reopening for loan applications on January 11; the program will be open to all participating lenders and eligible borrowers, including both first and second draw applicants, on January 19. First draw applicants can access the loan application here. There is a separate application form for eligible businesses seeking a second draw loan. Need to find an SBA-approved lender? We can help.

Update 12/22/20: The Consolidated Appropriations Act, 2021, which includes funding for another round of Paycheck Protection Program (PPP) loans among other stimulus measures, was approved by Congress. The Act now goes to the president for his signature. We continue to actively update our existing PPP resources on this site as additional guidance is released.

Update 12/21/20: With a $900 billion financial aid bill expected to be voted on by Congress that includes new Paycheck Protection Program funding, U.S. small businesses such as restaurants and live venues hurt during the COVID-19 pandemic are one step closer to gaining access to relief. If the bill passes, the next step would be a presidential signature.

Update, 8/7/20: As of August 8, the SBA will no longer be accepting applications for Paycheck Protection Program loans. Learn about other small business financing options.

Update 8/5/2020: On August 4th, the U.S. Small Business Association published new Paycheck Protection Program loan forgiveness FAQs. Our teams are working to review this new guidance and we will continue to keep you updated on how this may impact the loan forgiveness process, what is required as part of your forgiveness application, and how to use our in-app tools to support your application.

Update 7/4/2020: On July 4, 2020, President Trump signed into law an extension of the Paycheck Protection Program (PPP) loan application deadline to August 8.  Looking to apply for a loan? Find an SBA-approved lender. If you’re not sure if PPP is the right approach for your small business, start your research with these resources: maximizing PPP loan forgiveness and explore other small business financing options.

Update 7/2/2020: The Paycheck Protection Program is currently not accepting applications for loans, as the deadline to have a loan approved. As of July 1, both the U.S. Senate and House of Representatives have passed an extension of the application deadline to August 8. This now goes for President Trump's signature to become law. If you are planning to apply for a loan should the program reopen to new applications, get a head start: find an SBA-approved lender. While we await further news, you can learn more about maximizing PPP loan forgiveness and explore other small business financing options.

Update 6/30: As of June 30, 2020 applications for loans through the Paycheck Protection Program are closed. Looking for funding? Learn more about small business funding options that are still available.

Update, 6/22: SurePayroll customer? If you’re planning to apply for PPP loan forgiveness, you can now access an interactive forgiveness estimator and worksheet directly from your dashboard. Log in and click on the yellow banner to get started.

Update 4/22/2020: The  Senate passed a bill on 4/21/2020 adding an additional $310 billion to the Paycheck Protection Program (PPP), $50 billion to the Economic Injury Disaster Loan (EIDL) program, and $10 billion for EIDL grants.  Of the $310 billion allocated towards the program, $60 billion has been set aside for community lenders, including state and federal credit unions. The bill is expected to be voted on by the House on Thursday, 4/23/20.  Funds are not available yet and SurePayroll will continue to monitor this situation closely. In the meantime, you can start preparing your loan application: if you’re a SurePayroll customer, you can access the payroll data necessary for your loan application with our ready-made report; if you have not connected with an SBA-approved lender, we’ve teamed up to help you with that.   Our new PPP Loan Forgiveness Estimator will also help you estimate how much of any PPP loan you will take (or have already taken) might be forgiven.

With the limit reached, the SBA is unable to approve new loans under the Paycheck Protection Program. Similarly, they are unable to enroll new PPP lenders at this time. Congress is currently negotiating legislation that would provide additional funding for the program.       

With many small businesses, independent contractors, and self-employed individuals still working on their loan applications or waiting on an update as to whether their loan is approved, this news is understandably stressful. We are continuously monitoring the situation and will have updates as soon as they are available.

Q: What can I do to be ready to file an application if funding is approved and are banks still accepting applications during this time?

A:  Please check with individual lending institution on whether they are still accepting applications. SurePayroll can assist you with reporting for your loan application. Our website also contains additional information about the PPP program and other COVID-19 relief. 

What You Can Do Now

If you are wondering what economic relief options are available as you wait on a PPP loan, we have a guide that provides details on the relief options available from COVID-19 related legislation.

If you already received PPP loan approval and are waiting on your funds to be disbursed, you may already be thinking about loan forgiveness. We’ve put together some tools to help you understand how to maximize your PPP loan forgiveness potential.

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This website contains articles posted for informational and educational value. SurePayroll is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, SurePayroll. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. If you require legal or accounting advice or need other professional assistance, you should always consult your licensed attorney, accountant or other tax professional to discuss your particular facts, circumstances and business needs.