Just two weeks after the Paycheck Protection
Program started, the Small Business Administration has run out of money
for small businesses seeking to keep their employees on the payroll
during the pandemic.
“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” the agency said.
Congressional negotiations continue over additional funding for the original $349B Paycheck Protection Program, which was part of the $2.2T CARES Act.
Republicans wanted to approve an additional $250B
for the program last week, but Democrats want to broaden the program to
small businesses that don’t have access to a lender and local and state
governments and hospitals.
As of early Thursday morning, the SBA said it had received more than 1.6M applications approved for ~$338B.
https://seekingalpha.com/news/3561376-small-business-loan-program-stops-accepting-new-applications
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