Small-business rescue program hits limit and is now out of money

[Yo_Mama_Been_Loggin]

The Small Business Administration’s rescue loan program hit its $349 billion limit on Thursday and is now out of money as the nation’s top Republicans and Democrats struggle to agree on how to restore its funds.

The Small Business Administration website reads that it is “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 announcement from the SBA on Thursday comes as scores of small American business owners work to deal with the fallout of the coronavirus and the move by some states to shutter the vast majority of commerce.

The first-come, first-serve Paycheck Protection Program of $349 billion, approved by Congress and signed by President Donald Trump in March, had promised to assuage some of the financial burden for the nation’s smallest business owners.

https://www.msn.com/en-us/money/smallbusiness/small-business-rescue-program-hits-limit-and-is-now-out-of-money/ar-BB12JlxZ?li=BBnb7Kz

[sandensea]

1. You can bet Cheeto, Prince Jared, and their pals beat everyone to the door

For everyone else, Musak while they wait on hold.

[More_Cowbell]

2. It would be better to pay everyone $2k and let them pay their bills that way

Than to hope that small businesses will use any money they get to pay wages.

[Budi]

3. Is this all States?

Yesterday, I read about this problem in Florida.
Only about 10,000 had received the $50thousand loan when they ran out of money.
About 37,000 had applied.

[Igel]

4. Federal.

The $349 billion was allocated. The additional $250 billion proposed got hung up in a series of "but what about this? and that?" requests.

Add $250 billion to an existing piece of legislation is a one-line bill.

Adding additional programs adds scores if not hundreds of pages of text.

[marble falls]

5. Of course its all over, Trump didn't bother to think this thing through. Where's the oversight ....

Oh yeah - he fired 'em.