Small-Business Loan Program Hit $350 Billion Cap and is Now Out of Money
If your small business hasn’t applied for the Paycheck Protection Program (PPP), you may be out of luck. The Small Business Administration announced Thursday that the PPP has hit its $350 billion limit.
The SBA has so far approved 1,661,397 loans from 4,975 lenders, according to NBC News. However, only a small percentage of the business owners who applied have seen the loan funds in their accounts.
“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” SBA spokesperson Jennifer Kelly said in a statement. “Similarly, we are unable to enroll new PPP lenders at this time.”
Treasury Secretary Steven Mnuchin has asked Congress for an additional $250 billion for the program, but Democratic lawmakers refused to vote for the additional funds until protections were added for minority- and women-owned businesses.