NBC News: April 16, 2020, Small-Business Loan Program Just Hit Its $350 Billion Cap and Is Now Out of Money
One of the main coronavirus relief fund sources for suffering small businesses hit its $350 billion limit Thursday and is no longer accepting any more lenders or applications, the Small Business Administration announced.
The SBA approved 1,661,397 loans from 4,975 lenders before it was exhausted. Due to bottleneck issues between the agency and banks, only a fraction of those have actually been credited to customers’ bank accounts.
The depletion of the fund’s resources had been expected for several days, and is set to launch a battle between Democratic and Republican lawmakers over the shape of additional relief funding.
Business owners who have not yet applied for the program can still indicate their interest with their bank, if the portal is still open. Some owners have reportedly tried applying with multiple banks, and then accepting whichever offer comes through.
