(CBS NEWS) A key piece of the federal government’s stimulus efforts to help small businesses and their employees has run out of money. This shuts out thousands of potential borrowers who were seeking aid during the coronavirus-driven economic plunge.
The U.S. Small Business Administration said Thursday morning the Paycheck Protection Program wouldn’t be accepting any more applications for the $349 billion program. The agency reported approving more than 1.6 million Paycheck Protection Program loan applications totaling more than $339 billion from over 4,900 lending institutions.
While that money has been approved, most borrowers are still waiting for those loans to be funded — and for money to even show up in their accounts.
Some business owners who applied early say they are still waiting for their money. One large bank said it still has tens of thousands of applicants waiting for their loans to be approved, even as the SBA announced the program was tapped out.