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PPP Runs Out of Money, Congress Clashes on Further Funding

According to the White House, the $350 billion provided to fund the Paycheck Protection Program’s (PPP) has been delivered to qualified applicants and the program is out of money until Congress takes action.

AED has urged lawmakers to pass legislation to provide more funding for the popular program that provides liquidity to small-medium-sized companies. Most recently, the association joined more than 150 national organizations on a letter encouraging Congress to take immediate action.

A standoff between House Democrats and Senate Republicans has prevented progress, as the GOP wants clean PPP funding bill and Speaker Pelosi has demanded more funding for hospitals and state and local governments to be combined with the PPP appropriations. It was expected all parties would come to a resolution to provide the much-needed PPP funding this week, but a breakthrough in the negotiations has yet to occur.