The free-money bonanza is over
The $350 billion US PPP program is out of money, according to not a notice on their website.
The loan program of up to $10 million would transfer the money to grants so long as proceeds were used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made.
Companies who missed the cutoff aren't going to be happy. Parts of Congress are pushing for another $250B but the reality is that more money will be chewed up in days. Nancy Pelosi rejected it yesterday saying Democrats want to include other priorities in any bill that authorizes more money.
The thing is, another $250B isn't going to last more than a week. When does it end?
