SBA Stops Accepting Paycheck Protection Program (PPP) Applications

On Tuesday, SBA informed lenders that the PPP general fund was out of money. The application deadline had been extended for an additional two months, through May 31, to allow borrowers time to apply for the loans. Only $8 billion remains in the program, and this is set aside for community financial institutions that typically work with businesses in underserved communities. Get details from the Journal of Accountancy.