SBA Lending Program Out of Money

Washington, D.C. (Thursday, April 16, 2020) – The program designed to help small businesses to make it over the coronavirus hump is out of money.  The Small Business Administration made that daunting revelation today as thousands of small business owners are still waiting in the balance.  The SBA says it has reached the $349 billion lending limit for the program.  This after dolling out nearly 1.7 million loans.

It is not clear when new funding will come in.  Congress would have to say yes to the Trump administration’s request for another $250 billion for the program.