"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-04-19T15:23:32Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/04/19/mask-mandate-removal-airlines-muntean-sot-vpx.cnnbusiness"
data-branding-key=""
data-video-slug="mask mandate removal airlines muntean sot vpx"
data-first-publish-slug="mask mandate removal airlines muntean sot vpx"
data-video-tags="aircraft,aviation and aerospace industry,business and industry sectors,business, economy and trade,centers for disease control and prevention,coronavirus,coronavirus pandemic,diseases and disorders,epidemics and outbreaks,government organizations - us,health and medical,infectious diseases,life forms,microscopic life,public health,public transportation,respiratory diseases,transportation and warehousing,us department of health and human services,us federal departments and agencies,viruses,air transportation,airlines,decisions and rulings,law and legal system,trial and procedure"
data-details="">
Video Ad Feedback
See airline passengers throw away masks as mandate is revoked
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-04-10T18:05:00Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/04/10/white-house-miffed-by-press-corps-covid-coverage.cnn"
data-branding-key=""
data-video-slug="White House miffed by press corps' Covid coverage?"
data-first-publish-slug="White House miffed by press corps' Covid coverage?"
data-video-tags="brian stelter,business and industry sectors,business, economy and trade,companies,coronavirus,coronavirus pandemic,diseases and disorders,epidemics and outbreaks,government and public administration,government bodies and offices,health and medical,infectious diseases,journalism and news media,life forms,media industry,microscopic life,misc people,politics,public health,respiratory diseases,the atlantic,us federal government,viruses,white house"
data-details="">
Video Ad Feedback
White House miffed by press corps' Covid coverage?
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-21T20:54:03Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/21/fox-neil-cavuto-covid-vaccine.cnn"
data-branding-key=""
data-video-slug="Fox Neil Cavuto covid vaccine"
data-first-publish-slug="Fox Neil Cavuto covid vaccine"
data-video-tags="business and industry sectors,business, economy and trade,communicable disease control,companies,coronavirus,diseases and disorders,electronics,fox corporation,health and medical,health care,health care facilities,hospitals,infectious diseases,intensive care units,levels of care (health),life forms,medical and health care electronics,medical treatments and procedures,microscopic life,public health,respiratory diseases,technology,vaccination and immunization,viruses"
data-details="">
Video Ad Feedback
Fox anchor says the Covid-19 vaccine saved his life
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-07T12:04:45Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/04/watch-covid-pandemic-house-hgtv-video-orig.cnn-business"
data-branding-key="innovate"
data-video-slug="watch covid pandemic house hgtv video orig"
data-first-publish-slug="watch covid pandemic house hgtv video orig"
data-video-tags="diseases and disorders,health and medical,infectious diseases,companies,epidemics and outbreaks,hgtv,public health"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-04T23:15:07Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/04/jobs-report-inflation-economy-brian-deese-national-economic-council-director.cnnbusiness"
data-branding-key=""
data-video-slug="jobs report inflation economy brian deese national economic council director"
data-first-publish-slug="jobs report inflation economy brian deese national economic council director"
data-video-tags="business, economy and trade,economic indicators,economy and economic indicators,employment growth,employment trends,government and public administration,government bodies and offices,labor and employment,labor sector performance,politics,us federal government,white house,government organizations - us,us congress"
data-details="">
Video Ad Feedback
National Economic Council director on how to 'normalize' the economy
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-21T12:26:04Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/21/hong-kong-cathay-pacific-zero-covid-lu-stout-pkg-intl-hnk-vpx.cnn"
data-branding-key=""
data-video-slug="Hong Kong cathay pacific zero Covid lu stout pkg intl hnk vpx"
data-first-publish-slug="Hong Kong cathay pacific zero Covid lu stout pkg intl hnk vpx"
data-video-tags="air transportation,aircraft pilots,airline employees,airlines,arrests,asia,business and industry sectors,business, economy and trade,cathay pacific,china,communicable disease control,companies,continents and regions,coronavirus,coronavirus pandemic,crime, law enforcement and corrections,criminal law,diseases and disorders,east asia,epidemics and outbreaks,europe,health and medical,hong kong,hotels and motels,infectious diseases,isolation and quarantine,kristie lu stout,labor and employment,law and legal system,law enforcement,life forms,lodging,microscopic life,misc people,northern europe,public health,respiratory diseases,transportation and warehousing,travel and tourism,united kingdom,viruses,workers and professionals"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-14T09:17:09Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/14/hong-kong-zero-covid-supply-chain-lu-stout-pkg-intl-hnk-vpx.cnn"
data-branding-key=""
data-video-slug="Hong Kong zero covid supply chain lu stout pkg intl hnk vpx"
data-first-publish-slug="Hong Kong zero covid supply chain lu stout pkg intl hnk vpx"
data-video-tags="asia,border control,china,communicable disease control,continents and regions,coronavirus,coronavirus pandemic,diseases and disorders,east asia,epidemics and outbreaks,health and medical,hong kong,infectious diseases,international relations,international relations and national security,kristie lu stout,life forms,microscopic life,misc people,national security,public health,respiratory diseases,territorial and national borders,viruses"
data-details="">
Video Ad Feedback
Pandemic empties one of the world's busiest airports
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-11T12:49:06Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/11/colorado-governor-polis-coronavirus-business-newday-vpx.cnn"
data-branding-key=""
data-video-slug="colorado governor polis coronavirus business newday vpx"
data-first-publish-slug="colorado governor polis coronavirus business newday vpx"
data-video-tags="colorado,continents and regions,north america,southwestern united states,the americas,united states,diseases and disorders,ed lavandera,epidemics and outbreaks,health and medical,infectious diseases,jared polis,misc people,political figures - us,public health"
data-details="">
Video Ad Feedback
Colorado Gov. Polis pushes 'get back to normal' strategy
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-04T20:46:31Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/04/nyc-mayor-business-open-shutdown-eric-adams.cnnbusiness"
data-branding-key=""
data-video-slug="nyc mayor business open shutdown eric adams"
data-first-publish-slug="nyc mayor business open shutdown eric adams"
data-video-tags="continents and regions,environment and natural resources,eric adams,landforms and ecosystems,new york (state),new york city,north america,northeastern united states,political figures - us,the americas,united states"
data-details="">
That’s how quickly the nearly $350 billion allocated for forgivable small business loans in the Paycheck Protection Program was depleted.
Participating lenders had predicted the swift exhaustion of funds because they already had tens of thousands of small businesses waiting to apply once the first-come first-served program launched on April 3.
Here’s what small business owners need to know now:
Congress will likely add more money to the PPP loan fund
They are still at loggerheads, but lawmakers are likely to add money to the PPP loan kitty. How much? Talks have centered on another $250 billion. But it’s not clear when that money would be added.
And lenders and small business advocates say it’s still not enough. Roughly $1 trillion all-in may be what’s needed for the loan program to satisfy the outsized need in the wake of the coronavirus crisis, said Richard Hunt, president and CEO of the Consumer Bankers Association, in a media call Wednesday.
The SBA can’t accept any more applications right now
In the meantime, the Small Business Administration told lenders Thursday morning that it nowwill be unable to accept new applications or enroll new PPP lenders in the program.
Participating lenders still have a long line of submitted applications from small businesses that have not been approved yet. “We have AT LEAST ONE MILLION small businesses who will not receive loans because the fund is depleted,” Hunt tweeted Thursday.
Those businesses should check with their lenders to find out whether they will continue to at least process the applications to the extent they can even if they can’tbe funded right now.
For instance, Wells Fargo said Thursday, “We will continue to prepare applications in our existing pipeline from small and mid-size businesses and will submit them to the SBA when funds become available.”
Consider applying anyway
As for small businesses that haven’t applied yet, John Arensmeyer, CEO of Small Business Majority, advises them to do so anyway on the theory that more money will be added to the PPP loan fund.
Despite the program’s flaws – including a lending process that has been plagued with delays and confusion, and banks that for legal reasons chose to give priority initially to their existing customers – it’s still the best option available from the federal aid package, Arensmeyer said. The money would not need to be paid back if it’s used to cover eight weeks of payroll expenses and some overhead.
Arensmeyer also recommends small business owners call their congressional representatives and senators to urge them to add more money to the program swiftly.
Seek out free resources and research other aid options
Businesses might also continue to research private aid resources in their communities and explore business aid programs provided by their state.
Beyond that, for the millions of small businesses that can’t afford to hire lawyers and business strategists to help them navigate this disaster, here are four free resources offering expert consultation and other support.