Small Business Administration head Jovita Carranza speaks during a briefing on the coronavirus at the White House on April 2 as President Trump looks on.
Mandel Ngan / AFP via Getty Images
Small Business Administration head Jovita Carranza speaks during a briefing on the coronavirus at the White House on April 2 as President Trump looks on.
Mandel Ngan / AFP via Getty Images
What you should know
» Coronavirus facts & FAQ
» Day-by-day look at coronavirus disease cases in Pa.
» What the governor’s stay-at-home order means
The $349 billion Paycheck Protection Program to boost small businesses during the coronavirus economic crisis has run out of money.
“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” a Small Business Administration spokesperson said in an emailed statement Thursday. ” Similarly, we are unable to enroll new PPP lenders at this time.”
An online portal for lenders had an identical message as of Thursday morning.
The program was passed as part of the CARES Act, Congress’ $2 trillion economic relief bill. The program was plagued by technical difficulties and delays from its opening on April 3.
On Wednesday, Treasury Secretary Steven Mnuchin and Small Business Administration chief Jovita Carranza urged Congress to appropriate more money for the program as soon as possible.
“By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations,” they said in a statement.
“We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks,” Carranza and Mnuchin added.
Get insights into WITF’s newsroom and an invitation to join in the pursuit of trustworthy journalism.
The days of journalism’s one-way street of simply producing stories for the public have long been over. Now, it’s time to find better ways to interact with you and ensure we meet your high standards of what a credible media organization should be.