SBA COVID-19 Loan Programs Run Out of Funding

On April 16, the U.S. Small Business Administration (SBA) announced that the said that the agency is unable to accept any new applications for the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loans (EIDLs) due to a lack of funding. Congress provided funding for these programs in the recent Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Congress and the Administration are currently engaged in negotiations on a legislative package that would likely provide billions more for the SBA’s PPP and EIDLs, as well as additional relief funding for hospitals and widespread COVID-19 testing. With both chambers of Congress not set to return to D.C. until May 4, any near-term proposal will need undisputed support, as it would require unanimous consent to pass without members of Congress convening for a vote.

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