SBA Runs Out of Emergency Coronavirus Money for Small Businesses

Published by Matt Fishman on

The Small Business Association says it “is unable to accept new applications at this time for the… COVID-19 related assistance program… based on available appropriations funding.”

The CARES Act, signed into law on March 27, contained “$376 billion in relief for American workers and small businesses” through new Paycheck Protection Program and Economic Injury Disaster Loan programs.

Now, U.S. Treasury Secretary Steven Mnuchin says “The SBA has processed more than 14 years’ worth of loans in less than 14 days.” Continuing, he “urge[s] Congress to appropriate additional funds for the Paycheck Protection Program… at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.”