The Paycheck Protection Program (PPP) has officially run out of money as of late Wednesday evening with the entire appropriation of $349 billion having been allocated to small businesses across the country. The Small Business Administration (SBA), which was charged with the administration of the forgivable loan program as part of the massive $2.2 trillion CARES Act, posted notice on its website yesterday that no new applications could be accepted due to the “Lapse in Appropriations” that the program was experiencing. As you are likely aware, the Trump administration proposed a second round of appropriations for the PPP totaling another $250 billion, but that funding was blocked by Senate democrats who wanted to see additional funds also incorporated for hospitals as well as state and local governments. Similarly, SBA has also stopped accepting applications for the Economic Injury Disaster Loans (EIDL), as that program is also fully committed at this time. Pending applications for EIDL will be processed on first come first-served basis, but no new applications will be taken. Congress is not scheduled to be back for formal sessions again until May 4, so any additional monies appropriated for both programs will require unanimous consent to move forward.