The Paycheck Protection Program ran out of funds on April 16, and is now being replenished. FWPro
is set to pass through Congress this week after Senate approval on Tuesday. It includes $310 billion to replenish Paycheck Protection Program funds, which ran out on April 16, and an additional $60 billion to fund more low-interest Economic Injury Disaster Loans through the Small Business Administration . Both programs have been paused until new funding is allocated.
The PPP has faced much criticism as it ran out of money. A provision in the law allowed large restaurant companies to apply for funds.after many smaller businesses reported being shut out of the program. Shake Shack founder Danny Meyer and current CEO Randy Garutti said in an open letter that they were able to find funds elsewhere.
In the latest round of funding, $60 billion of new PPP funds are allocated specifically to smaller lenders, like community banks. Lawmakers say this will make it easier for smaller businesses without existing bank relationships to apply for the loans.with the initial rollout of the PPP. Some businesses reported trouble with applications, others say their banks held off on offering the loans for so long that funds were depleted before they had a chance to complete their applications.
Banks are already accused of prioritizing applications for larger loans, even though guidance from the SBA states that applications are to be processed on a first-come, first-served basis. Bank of America, Wells Fargo, JPMorgan Chase, and U.S. Bank
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