New program to help small businesses impacted by the coronavirus pandemic depleted of funds three weeks after launch. 

The federal Small Business Administration has stopped accepting applications for a loan program designed to help businesses with less than 500 workers keep their workers on the payroll. The Administration received over 1.6 million loan applications and approved over $339 billion in loans.

The Washington Post reports:

The $350 billion Paycheck Protection Program was a central piece of the massive $2 trillion economic rescue law passed just three weeks ago. Republicans and Democrats say more action is needed to build on the law, but they have not been able to agree on what to do.

For more information:

White House says new small business loan program is out of money, leaving many firms grasping for lifelines (The Washington Post)