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U.S. Small Business Loan Program Now out of Cash

Published 04/16/2020, 11:01 AM
Updated 04/16/2020, 11:03 AM
© Reuters.

By Kim Khan

Investing.com – The federal government’s program of loans for small businesses to retain workers is now oversubscribed and no loans will be available without action from Congress.

The Small Business Administration said Thursday the Paycheck Protection Program had reached its allotment of $349 billion.

More than 1.62 million loan applications were approved, according to the SBA.

"SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding," it said. "EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis."

Both sides of Congress have been negotiating over a bill that would provide more funding for the program, which many saw running dry quickly once launched due to high demand.

Latest comments

I know 8 or 9 small business owners and they are all still trying to finish up the mounds of paperwork for their loans. And now the faucet has run dry. Real nice job Donny Boy and Steverino. Another botched plan!
Printing 7 trillon. 6.5Tto rescue companies(the rich) 400b for small and mid companies which produce most of the jobs(most of the households) this is the worst scheme of wealth concentration in history.
Churches and Hedge Funds got funding wth was that all about?!
Just type Give me gold.
This is thanks to Democrat thieves-
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