Small Business Lending Program on Hold after Reaching Lending Limit

The Small Business Administration has exhausted its funding for the emergency small business loan program that was part of the $2 trillion CARES act. 

Thousands of small business owners whose loans have not yet been processed must now wait for Congress to approve a Trump administration request for another $250 billion for the program. Lawmakers have been haggling over whether to extend the program as it stands now, or whether to add provisions that among other things would help minority businesses. It’s unclear when they might reach an agreement that would allow loan approvals to continue

On Wednesday, the SBA said it had approved more than 1.44 million loans totaling more than $311 billion — up more than $50 billion since Monday. The program had $350 billion in funding. The Trump administration has asked Congress, which set the original ceiling, for another $250 billion for the program. However, that request has stalled in the Senate.

Visit for the full story.

Sponsored Content

Sponsored Content