Paycheck Protection Program runs dry; GOP blames Democrats

FACT FINDERS Small Business Administration says its approved $3B in loans in Arizona

FACT FINDERS Small Business Administration says its approved $3B in loans in Arizona

A $350 billion emergency U.S. loan program created 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 in an email on Thursday.

These account for more than $338 billion of the initial $350 billion, since the initial program passed by Congress was launched less than two weeks ago.

"This program was rolled out with remarkable speed and while there have been some bumps along the way, small businesses view the Paycheck Protection Program as a critical lifeline", said AICPA President and CEO Barry Melancon, CPA, CGMA.

Senate Small Business Committee Chairman Marco Rubio, Florida Republican, said Wednesday that PPP approved $339 billion to cover paychecks for millions of workers in 12 days, with another $10 billion to cover fees and processing.

"We know Congress is now considering another round of funds soon", Jennifer Roberts, head of Chase Business Banking at JPMorgan, said in a statement.

Businesses in need of assistance due to the coronavirus pandemic can also apply to receive funds through the Economic Injury Disaster Loan program.

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According to Reuters, Senate Republicans and the Trump administration warned on Tuesday that the $349 billion program could run out of money this week.

The program will likely reach its ceiling Thursday, April 16. Democratic Arizona Sen. Kyrsten Sinema called on her colleagues Thursday to pass funding for the program by unanimous consent. Small businesses are the nation's economic engine and supporting and stabilizing them is essential to our economic recovery. That's what we're saying we need.

The initiative got off to a rocky start after Trump administration officials said that small businesses would get funding quickly, even the same day they applied. The existing program provides loans to companies to recover from disaster.

The EIDL program is also providing much-needed relief to people and businesses.

"We think any hour now, we'll reach the $345 billion number (for PPP) - which is the actual number - and we know now there are 700,000 applications that our banks have and are going through the underwriting process and haven't been sent to SBA yet".

In a statement released on Wednesday, the SBA said it had processed more than 14 years worth of loans in less than 14 days.

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