Thursday Coronavirus Update: Payroll Protection Program Could Hit Its Limit By End of Week

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Good morning, it’s Thursday, April 16.

There are over 2.07 million cases of the coronavirus worldwide, and there have been over 138,000 fatalities.

639,000 of those cases are in the U.S., 182,000 cases are in Spain and Italy has over 165,000 cases, according to data from Johns Hopkins.

According to New York State department of health’s website, there are over 213,000 cases of the virus in the state, meaning that it has a higher case count than Italy or Spain.

There are over 11,500 deaths.

The U.S. has over 26,000 deaths, Italy has over 21,000 deaths and Spain has over 19,000.

New York State and NYC rank sixth and seventh in terms of global fatalities.

The United Kingdom, which has 99,000 cases and 12,000 deaths, is expected to announce that the country’s lockdown will continue for at least three more weeks.

The Payroll Protection Program, which is the initiative launched in the $2 trillion economic relief package, could have its funding exhausted this week. The program has a $349 billion limit. According to the Small Business Administration, as of Wednesday evening, 1.4 million loans had been approved at a value of over $315 billion.

If the funding runs out, then the SBA would have to stop approving applications.

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