Suzanimal
04-16-2020, 04:43 PM
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The $350 Billion Small Business Loan Program Is Officially Out Of Money. Lawmakers Can’t Agree On What Happens Next.
The emergency small business loan program that is a cornerstone of the $2 trillion CARES Act has now exhausted its $350 billion in funding; as millions of American small business struggle to cope with the economic slowdown caused by the coronavirus, congressional Democrats and Republicans have been unable to agree on a way to allocate more funds to the program.
KEY FACTS
On Thursday morning, the Small Business Administration said on its website 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 PPP allocates $349 billion for loans to small businesses that are struggling because of the coronavirus.
Treasury Secretary Steven Mnuchin and Democratic lawmakers will meet on Thursday to try to come to an agreement on a package that will immediately replenish the program’s funds, CNN reports.
Republicans lawmakers led by Senate Majority Leader Mitch McConnell want to quickly approve an additional $250 billion for the program and save other provisions for future relief legislation.
Democrats, led by Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi, are pushing for more changes to the program that would expand funding to hospitals and state and local governments and allow more people (including those without an existing lending relationship with a bank) to be eligible for the emergency aid.
https://www.forbes.com/sites/sarahhansen/2020/04/16/the-350-billion-small-business-loan-program-is-officially-out-of-money-lawmakers-cant-agree-on-what-happens-next/#5fa1281f213b
The $350 Billion Small Business Loan Program Is Officially Out Of Money. Lawmakers Can’t Agree On What Happens Next.
The emergency small business loan program that is a cornerstone of the $2 trillion CARES Act has now exhausted its $350 billion in funding; as millions of American small business struggle to cope with the economic slowdown caused by the coronavirus, congressional Democrats and Republicans have been unable to agree on a way to allocate more funds to the program.
KEY FACTS
On Thursday morning, the Small Business Administration said on its website 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 PPP allocates $349 billion for loans to small businesses that are struggling because of the coronavirus.
Treasury Secretary Steven Mnuchin and Democratic lawmakers will meet on Thursday to try to come to an agreement on a package that will immediately replenish the program’s funds, CNN reports.
Republicans lawmakers led by Senate Majority Leader Mitch McConnell want to quickly approve an additional $250 billion for the program and save other provisions for future relief legislation.
Democrats, led by Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi, are pushing for more changes to the program that would expand funding to hospitals and state and local governments and allow more people (including those without an existing lending relationship with a bank) to be eligible for the emergency aid.
https://www.forbes.com/sites/sarahhansen/2020/04/16/the-350-billion-small-business-loan-program-is-officially-out-of-money-lawmakers-cant-agree-on-what-happens-next/#5fa1281f213b