Small business rescue loan program hits $349 billion limit and is now out of money
A worker for an independent contractor to United Parcel Service Inc. (UPS) makes deliveries on a street with closed stores in the Borough Park neighborhood in the Brooklyn borough of New York, April 7, 2020.
Stephanie Keith | Bloomberg via Getty Images
The Small Business Administration’s rescue loan program hit its $349 billion limit on Thursday and is now out of money as the nation’s top Republicans and Democrats struggle to agree on how to restore its funds.
The SBA website reads that it is “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.”
The announcement from the SBA on Thursday comes as scores of small American business owners work to deal with the fallout of the coronavirus and the move by some states to shutter …continued .
[Source: CNBC News]