Montana Public Radio

Brent Donnelly

Paycheck Protection Program's Funds Exhausted

May 5, 2021

The Paycheck Protection Program that’s given aid to businesses during the pandemic has run out of funding, according to the U.S. Small Business Administration. The SBA will continue to fund already approved PPP applications.

The PPP provided Montana small businesses with nearly 42,000 loans totaling $2.5 billion since the start of the coronavirus pandemic. The loans helped cover workers' paychecks during the COVID-19 related economic downturn and mandated shutdowns.

Coffee shop closed by covid-19 with workers picking up and cleaning inside.
iStock

The U.S. Small Business Administration will open applications for the Restaurant Revitalization Fund on Monday, May 3. 

The federal grant program will provide $28.6 billion to restaurants and other food and drink establishments — including bakeries and food trucks — that have suffered during the pandemic.

Text on vintage black sign "Come in we're open" in cafe.
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Another lifeline is coming for the restaurant industry. The Small Business Administration announced this week that it will soon begin taking applications for the Restaurant Revitalization Fund program, which was established by U.S. Congress as part of the American Rescue Plan.

The U.S. Small Business Administration launched an online portal Friday where venues closed by the pandemic can apply for grant money. 

The Shuttered Venue Operators Grant is open to operators of movie theaters, live performing arts organizations, relevant museums, zoos and aquariums and others. 

Paycheck protection program loan for small business forgiveness application.
iStock

The Paycheck Protection Program reopened Friday with a more finessed approach, as small business optimism is waning.


Financial leaders in Montana say the majority of loan applications for the federal Paycheck Protection Program have been processed after some major roadblocks earlier in the week.