U.S. loan program hits $350 billion cap leaving thousands of small businesses adrift

  • 📰 Reuters
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 97%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

A $350 billion emergency U.S. loan program to help small businesses keep workers on their payrolls amid the novel coronavirus disruption has run out of funds, the U.S. Small Business Administration said on Thursday.

FILE PHOTO: People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease , at an Arkansas Workforce Center in Fayetteville, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford

The SBA said in an email that nearly 5,000 banks had made roughly 1.6 million loans under the scheme, which was part of a $2.3 trillion congressional stimulus package passed last month to combat the economic damage caused by the virus. But lawmakers have yet to agree on legislation, as Democrats push to include other provisions to ensure financing for minority-owned and rural businesses and assistance for hospitals, state and local governments and the poor. Republicans oppose the additional measures.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Pelosi is a evil woman.

perhaps Nancy shouldn't have blocked the top up ?

Maybe,just maybe Nancy will do something when she finishes her ice cream

Even though I'm Chinese and I live in China, I want to send my best wishes to the people who have lost their jobs in the United States and wish you a speedy return to normal life and a hard time facing the crisis.

Banks have prioritized large companies, which already had loans with them. They want to make sure these companies don't go bankrupt, so the original loans will be payed back in full. And screw small businesses 👎

Because it didn’t go to ‘small businesses’ it went to lobbyists.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Small-business loan program just hit its $350 billion cap and is now out of moneyThe emergency fund offered a lifeline to small businesses that have been shuttered or forced to lay off or furlough employees because of the coronavirus. Brasília / D.F./Brazil THERE IS A VIDEO ON THE YOUTUBE TITLE 'REVIEWS OF THE REPENTED BOLSOMINIONS' ABOUT VOTERS OF THIS CURRENT PRESIDENT OF BRAZIL JAIR BOLSONARO, THAT WINS STRENGTH !! What about the Corporate Bail outs Funny the money was there for them..
Source: NBCNews - 🏆 10. / 86 Read more »