Small business lending program on hold after reaching limit

[Omaha Steve]

Source: AP

By JOYCE M. ROSENBERG and ANDREW TAYLOR

NEW YORK (AP) — The government’s lending program for small businesses is on hold.

The Small Business Administration said Thursday that it reached the $349 billion lending limit for the program, after approving nearly 1.7 million loans.

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.

Business owners left in limbo were getting more anxious after hearing the program was on hold.



FILE - In this April 2, 2020 file photo, a notice of closure is posted at The Great Frame Up in Grosse Pointe Woods, Mich. The government is closing in on the $349 billion lending limit on its Paycheck Protection Program that is sending relief money to the nation’s small businesses. The Small Business Administration says that it has approved more than 1.6 million loans worth more than $339 billion. The program will likely reach its ceiling Thursday, April 16. (AP Photo/Paul Sancya, File)


Read more: https://apnews.com/dded8ead64598a3893f4046bbe857d2e

[stopbush]

1. Well, that relief $ lasted all of two weeks. What's next?

[Nay]

8. Well, the rich need to be bailed out again, so lets send trillions to them next.

/s

[richdj25]

2. there's boarder wall funds, along with...

money from the 2 trillion dollar stimulus meant for Big business, or how about unused funds from the military.

And least we don't forget raising taxes on the rich. They won't miss it.

[SlimJimmy]

3. How about this. Send a clean bill through

and fight over the rest later. Trust me, I'm not the only Democrat tha thinks this way. A lot of my friends have said the same thing. There is a time for politics. This is not the time. A lot of very good people are out there hurting right now.

[BusyBeingBest]

5. Not sure why they're trying some sort of minority business owner angle--

what is the fucking point of that right now? EVERYONE is suffering. I agree with you.

[Igel]

6. Remember the money they'd provide to businesses to

keep their employees on the payroll?

This is that money.

It's not "us versus them." They borrow the money; they pay us.

[byronius]

4. B of A sent out an email telling us to wait to file -- they weren't ready to accept our application.

You have to file with a bank you do business with. I took them at their word. Now it's too late.

Jeez, this is effed up. From the get-go. Everything Trump touches dies.

[Nay]

9. Effed up on purpose. nt

[IronLionZion]

7. Anyone check Trump and Mnuchin's pockets?

Since a lot of small businesses applied, were approved, and still haven't received the money.

[NonPC]

10. All Employers Are Not Created Equal

I'm sure the large Republican donors were shown to the head of the line.

[Mr. Ected]

11. I applied and was approved yesterday. I was supposed to sign papers today or tomorrow.

I've got 15 people on my payroll and I'm in an industry which will suffer when the economy falters.

Am I still in line for the money, or is the supply exhausted?

[CabalPowered]

15. My understanding is the if you were approved by SBA

Then you have a loan number in the system, and you are funded. That's from my finance guy who's been processing docs for the past week.

[Mr. Ected]

16. Thanks. That's comforting.

I left a message with my banker but he hasn't responded yet. I've been on pins and needles.

[Bengus81]

12. How much did "small business" Boeing get?

[vsrazdem]

13. Probably because of this.

Chase Bank prioritizes LARGE INDEBTED businesses over small businesses for PPP loans

https://www.youtube.com/watch?time_continue=340&v=yP4rodsK41E&feature=emb_logo

[iluvtennis]

14. trump/his gop thugs stol ethat 349 billion. I know two small business owners who applied for loans

early in process. They never heard anything back from the SBA other than the "Application submitted confirmantion" on the website.

this administration is LYING to us.

[iemitsu]

17. Hard to support small businesses when

90 billion in tax breaks was given to 43,000 millionaires in the bill. Surprise, the money ran out.