The $349 billion authorized for Paycheck Protection Program loans has been exhausted, the Small Business Administration said today, and the SBA is no longer accepting applications for PPP loans. Loan applications received by banks but not yet submitted to SBA will not be able to be completed, and the agency will not maintain a queue for PPP applications once additional funds are authorized. Any loan applications that have received an SBA authorization number will receive an SBA guaranty.

Visit SBA’s Website for more information