Sadly enough, the initial $349 billion pool for emergency loans for small businesses has been rocked by the COVID-19 crisis, and ran out of money.
The Treasury Department and Small Business Administration (SBA) ran through every bit of the allotted funding for the Paycheck Protection Program (PPP), which offers forgivable loans to small businesses. The loan allows those businesses to keep their employees on payroll without going under.
Thursday morning, the SBA said, "The SBA 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."
The Hill reports:
The SBA also said that the $10 billion Congress appropriated for Economic Injury Disaster Loans had dried up. The program was meant to get fast cash to businesses, providing them with a $10,000 advance within just a few days of application for loans of up to $2 million.
Created through the $2.2 trillion economic relief bill enacted by President Trump last month, the PPP unleashed a wave of demand for emergency loans across the U.S., overwhelming banks, credit unions and SBA technology.
Trump, Treasury Secretary Steven Mnuchin and lawmakers from both parties pledged to pour more money into the program as its initial funding quickly ran down, but leaders have been locked in a two-week showdown over potential stipulations for the next tranche of loans.
"We urge Congress to appropriate additional funds for the Paycheck Protection Program (PPP) ... at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks," they said.
Once again, I say that we need to reopen the country. Businesses need to be allowed to reopen and people need to be allowed to work and spend money before it's too late.
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