The Paycheck Protection Program has officially "run out of money", hopefully putting an end to what was likely one of the most abused and poorly watched over government cash troughs ever created.
The program has run out of money before its planned May 31 end date, the Small Business Administration said, according to CNBC.
The program will only accept new applications from community financial institutions, which "which typically serve minority borrowers", the report said. The SBA will fund outstanding approved applications (like Ross Gerber's?) but won't accept new applicants.
The announcement comes weeks after the PPP was extended through the end of May. It's almost as if when you're handing out free money, there's going to be lots of demand. --->READ MORE HERE
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| Evan Vucci/AP |
As business owners from coast to coast say they can’t find enough workers willing to come back to work, President Biden on Monday said he wants to make sure people offered a job either take it or lose the generous COVID-19 unemployment benefits.
“The law is clear: if you’re receiving unemployment benefits and you’re offered a suitable job, you can’t refuse that job and just keep getting the unemployment benefits,” Biden said at the White House.
“No one should be allowed to game the system and we will insist that the law is followed.”
Biden didn’t say how exactly current rules could be more strictly enforced. States administer unemployment benefits and many are bedeviled by notoriously outdated and inefficient computer systems. --->READ MORE HEREFollow links below to related stories and resources:
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