Government nears lending limit on small business program
April 15, 2020
NEW YORK (AP) — The government is approaching the $349 billion lending limit on its Paycheck Protection Program that is funneling relief money to the nation's small businesses.
The Small Business Administration says that as of Wednesday afternoon, it had approved more than 1.44 million loans totaling more than $311 billion — up more than $50 billion since Monday. 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.
A breakdown of the loans on the SBA website showed that as...