Small business loan fund from the coronavirus stimulus runs out

The $349 billion cap for small business loans for the coronavirus stimulus was reached Thursday, taking less than two weeks to run out. Why it matters: While it's a sign that more than 1.3 million small businesses (and some larger ones) will eventually get desperately needed cash, it's now officially a sign that way more is needed. Paycheck Protection Program (PPP) loans are forgivable if used for payroll and rent and similar expenses, and they're designed to keep otherwise healthy businesses afloat during this crisis.