Report: Paycheck Protection funds set to run dry by end of day
Without quick congressional action, it appears the clock is nearing midnight on available funds for the Paycheck Protection Program, the federal relief program for small businesses impacted by the COVID-19 pandemic.
The Wall Street Journal reported Wednesday that the initial injection of $350 billion in potentially forgivable loans for businesses and nonprofits of 500 employees and under would run dry by the close of business. Conversations have resumed between lawmakers and the White House about adding more money to the program, which as of Wednesday morning had approved about 1.3 million loan applications, with a total value of more than $289 billion, according to the Wall Street Jounal report.
Republicans in the U.S. Legislature have sought to approve an additional $250 billion for the program last week, but the effort stalled with Democrats also wanting changes to the program and more aid for state and local governments and hospitals, according to Bloomberg News. Senate Democratic leader Chuck Schumer and Treasury Secretary Steven Mnuchin talked Wednesday and a meeting has been set with staff in the first public sign of a possible break in the stalemate.
As of Monday lenders in Michigan had doled out nearly 25,000 loans totaling more than $7.3 billion, according to figures from the federal Small Business Administration, which oversees the program in conjunction with the U.S. Treasury.
https://www.crainsdetroit.com/small-business/report-paycheck-protection-funds-set-run-dry-end-day
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