More than $350 billion in small business funding to provide support through the COVID-19 outbreak have officially run out.
The Coronavirus Aid, Relief, and Economic Security Act, signed into law last month, rolled out the Small Business Administration’s Paycheck Protection Program and Economic Injury Disaster Loan funding – some $376 billion in all – earlier this month.
The SBA, as of Thursday, said on its site it was no longer accepting new applications for either the PPP or EIDL programs, although it would still continue to process already-submitted EIDL submissions. EIDL provides as much as a $10,000 advance to make up for losses in revenue due to COVID-19.
Democrats and Republicans are now hashing out how to inject new funding into the program.
California, as of Monday, had 54,922 approved PPP loans totaling $20.85 billion, according to the SBA.
Nationally, the construction industry has so far received the largest chunk from the PPP program, accounting for nearly 14% of the total. Accommodation and food services was the fifth-largest group, accounting for 9.2%, or $22.7 billion, of the loans. Retail drew 8.6%, or $21.2 billion, in approved loans through the program.
Go here for more updates on OC companies’ responses to the coronavirus.
For ongoing, in-depth coverage of the coronavirus’ effects on OC businesses, see the Monday print edition of the Business Journal.