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Paycheck Protection Program fund exhausted

Posted at 12:03 PM, May 05, 2021
and last updated 2021-05-05 15:12:12-04

Bad news for the nation's small businesses.

The Small Business Administration says the Paycheck Protection Program is out of cash after $284 billion was allotted to help businesses struggling during the pandemic.

The SBA says the money has been exhausted almost a month before the program was scheduled to close on May 31.

Venues and restaurants still have access to two grants controlled by the federal agency.

The Shuttered Venue Operators Grant opened last month and the Restaurant Revitalization Fund opened on Monday.