The $349 billion in emergency funding for small businesses has run out less than one month after it was created as part of the $2.2 trillion phase-three coronavirus economic relief bill.
"The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding," the Small Business Administrations said in a statement Thursday. "Similarly, we are unable to enroll new PPP lenders at this time."
It is unclear when the program might be replenished since Congress is not due to be back in session until May 4. Republicans and the White House attempted to add $251 billion more to the program last week, but Democrats pushed back, calling for more targeted relief to minority- and women-owned companies as well as local governments and hospitals.
Senate minority leader Chuck Schumer (D., N.Y.) met with Secretary of the Treasury Steve Mnuchin on Wednesday to attempt to make a deal, but outstanding issues remain.