SBA out of Paycheck Protection money
The Small Business Administration’s Paycheck Protection Program has run out of the $350 billion appropriated for it, the SBA said today.
“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” the PPP section on the SBA website said.
Congressional Republicans and President Donald Trump have called on Congress to provide another $250 billion for the program, but House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., have insisted that a bill to provide more money for the PPP include aid to states and localities and an increase in the benefits under the Supplemental Nutrition Assistance Program.
Any bill would have to pass both chambers by unanimous consent since Congress is not in session. Congress is scheduled to return on May 4.