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Small Business Relief Funds Drained Fast With Many Shut Out

  • SBA fund exhausted $349 billion stimulus in two weeks
  • Money for disaster loans and emergency grants also exhausted
A pedestrian walks by closed shops in Center City in Philadelphia on April 15.

A pedestrian walks by closed shops in Center City in Philadelphia on April 15.

Photographer: Hannah Yoon/Bloomberg
Updated on

The U.S. Small Business Administration said it has stopped accepting applications for two programs meant to help small firms survive the coronavirus outbreak after funding ran out, leaving many worried about getting desperately needed aid.

Funds for the $349 billion Paycheck Protection Program, or PPP, to keep workers on payrolls have been exhausted, the SBA said on Thursday. And money also has lapsed for the Economic Injury Disaster Loan program, or EIDL, offering government loans and emergency grants of as much as $10,000.