That’s even as some people STILL can’t get INTO the system to file their applications…
But won’t be able to anyways because there isn’t any money available…
Seems the members of Congress can’t get their act together to add more funds to the program….Republicans have balked at making sure some money goes to poorer area’s…
The initial $349 billion pool for emergency loans for small businesses derailed by the coronavirus pandemic has run dry as Republicans and Democrats squabble over how to replenish the relief program.
The Treasury Department and Small Business Administration (SBA) have tapped the entirety of funding allotted for the Paycheck Protection Program (PPP), which offers forgivable loans to small businesses intended to keep workers on the payroll and small firms from going under.
“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 SBA said in a statement Thursday morning.
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…
Democrats are fighting to direct some of the additional funding going to poorer neighbourhoods …
McConnell last week requested unanimous consent on the Senate floor to pass a clean $250 billion funding increase for the small-business program but Democrats objected.
Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Charles Schumer(D-N.Y.) say a portion of the PPP money should be reserved for businesses in underserved communities that don’t have strong pre-existing relationships with banks, especially women- and minority-owned businesses.
They want to pair the $250 billion for the SBA with $100 billion in new funding for hospitals and $150 billion for state and local governments. They are also pushing for a 15 percent funding increase for the Supplemental Nutrition Assistance Program (SNAP) to help low-income families….