PITTSBURGH — PPP got an additional two months but no boost in dollars, and with loan volume at around $10 billion for the past couple weeks, it’s almost certain to run out ahead of the deadline.
About $51 billion is left of the $284 billion Paycheck Protection Program as of April 11.
PPP, the federally funded forgivable loan program created to get money quickly to small business owners hard-hit by the pandemic, relaunched in January and was recently extended until May 31.
“I would like to encourage small businesses planning to apply to do so very soon,” said Kelly Hunt, director of the U.S. Small Business Administration’s Western Pennsylvania District. The SBA manages PPP. “We are not anticipating the remaining funds to last the duration of the extension.”
Read more from our news partners at the Pittsburgh Business Times.