Payroll Protection Program already out of money

The U.S. Small Business Administration announced Thursday that the Paycheck Protection Program would not be accepting any more applications for the $349 billion program, because it is already out of money.

The Payroll Protection Program is one of the federal government’s key pieces to the recently-passed stimulus to help small businesses and employees stay afloat.

SBA reports that it approved more than 1.6 million Paycheck Protection Program loan applications totaling more than $339 billion from 4,900 ending institutions.

One of the biggest draws of the program is that businesses who borrow and don’t lay off workers in the next eight weeks can have their loans forgiven.