Small Business Administration Says It's Out Of Money For PPP Loans

The Paycheck Protection Program (PPP) has run out of its initial $349 billion funding, leaving many small businesses without support. The Senate is at a standstill over additional funding, with Republicans seeking $250 billion more and Democrats wanting allocations for minority-owned businesses and additional emergency funding for hospitals and local governments. Criticism arises over the program's rollout and the potential economic impact of inaction.

What did the Small Business Administration announce regarding the Paycheck Protection program?

What is the maximum loan amount offered to businesses under the Paycheck Protection program?

What did Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy state?

What are the concerns raised by Democrats regarding the new funding for the Paycheck Protection program?

What potential economic consequence was mentioned if prompt action is not taken regarding the funding?