Govt lending program on hold after reaching lending limit

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Small Business Lending Program
Photo: Pixabay, Photo: SBA

Update — 11:16am

By JOYCE M. ROSENBERG
AP Business Writer

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NEW YORK (AP) – The government’s paycheck protection loan program for small businesses is on hold. The Small Business Administration has announced that it reached the $349 billion lending limit for the program. Thousands of small business owners whose loans have not yet been processed must now wait for Congress to approve a Trump administration request for another $250 billion for the program. Lawmakers have been haggling over whether to extend the program as it stands now, or whether to add provisions that among other things would help minority businesses. It’s unclear when they might reach an agreement that would allow loan approvals to continue

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)

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NEW YORK (AP) – The government is closing in on the $349 billion lending limit on its Paycheck Protection Program that is sending relief money to the nation’s small businesses. The Small Business Administration says that it has approved more than 1.6 million loans worth more than $339 billion. The program will likely reach its ceiling Thursday. A Trump administration request for another $250 billion for the program has stalled in the Senate. Treasury Secretary Steven Mnuchin and Small Business Administration head Jovita Carranza on Wednesday urged Congress to approve more funds. Meanwhile, thousands of small businesses have loan applications into bank, and more companies are in the process of applying.

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)