On Tuesday, the U.S. Small Business Administration officially announced that the third round of the Paycheck Protection Program had closed to new applicants on Friday, May 28, three days ahead of its scheduled expiration date, after funds ran out.

The SBA announced that thus far, the emergency loan program had provided $798 billion to 8.5 million small businesses since its inception last March. The third round of PPP was approved to distribute $284 billion in loans when it opened in January.

The broader Paycheck Protection Program’s funds were exhausted by May 6, but community financial institutions were able to continue distributing $8 billion of loans, mainly to businesses owned by women, minorities and other underserved groups.


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