Update: SBA says 90% of PPP loans used up

Update: SBA says 90% of PPP loans used up
Reading Time: < 1 minute(Last Updated On: April 16, 2020)

As Senators on both sides of the aisle have locked horns over how the next stimulus package will be allocated, small businesses continue to apply for PPP loans by the thousands.

On Wednesday evening, the SBA announced that more than 90% of the $349 billion in the Paycheck Protection Program has already been used up. This is naturally raising concerns among business owners as well as lending institutions aimed at distributing those funds to those in need.

Updates may come from Congress by the end of the week, leaders say.

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