A closed sign in Macy’s at Salem Center. (Saphara Harrell/Salem Reporter)
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Two key federal programs intended to help companies keep workers on the payroll have run out of money.
The Paycheck Protection Program is part of the $2 trillion relief package passed by Congress in response to the COVID-19 outbreak and provided loans to help businesses cover payroll, mortgage interest, rent and utility costs. Businesses that used the money to cover those costs would see the loans forgiven.
But on Wednesday, the U.S. Small Business Administration and the U.S. Treasury Department announced that the $349 billion program had run out of money after launching on Friday, April 3.
Banks have been working overtime to process the flood of applications for the money.
The Economic Injury Disaster Loan has also run out of money. The existing program provides loans to companies to recover from disaster.
Providing additional funding will require an act of Congress.
This story will be updated.
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