Small Business Loans Come To A Halt
The economic troubles of the United States caused by the COVID-19 pandemic had many small businesses seeking monetary assistance just to stay afloat. But the droves of small business that went looking for help have now depleted that offering.
America's Small Business Administration's program for sending out loans to tiny operations in need officially ran out of money Thursday, according to a report by CNBC on Thursday. Its limit was $349 billion.
Applications aren't even being taken for the association's Paycheck Protection Program, which Congress approved and President Donald Trump permitted in March.
Prior to the $349 billion cap being hit, CNBC previously reported that 1.3 million loans totaling nearly $300 billion had already been approved as of Wednesday.
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