Small business loan program runs out of money, no longer accepting applications

Small business loan program runs out of money, no longer accepting applications
One of the generals who will be leading the charge (Image: YouTube screen grab via NBC News)

[Ed. – If you’re affected, remember which party said no to adding funding.]

A popular small business relief program ran out of funds on Thursday morning, as billions of dollars in additional coronavirus aid remain stuck in congressional limbo.

The Small Business Administration said on its website that the agency is “currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time.”

Although Republicans and Democrats agree they need to replenish the program, a $349 billion fund approved last month as part of the CARES Act, they have remained at an impasse over how to do so.

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Last week, Treasury Secretary Steven Mnuchin asked Congress to allocate $250 billion more for the program. But a GOP attempt to approve it was rejected by Senate Democrats, who maintained that additional cash should include emergency funding for hospitals and states. …

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