WASHINGTON (NEXSTAR) – A federal small business loan program has run out of cash.
Small business owners looking for an emergency coronavirus loan get this message from the Small Business Administration website:
“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available credits. Likewise, we are unable to register new PPP lenders at this time. “
The federally funded “Paycheque Protection Program” ran out of money Thursday morning.
“There is concern, there is fear,” Representative Ross Spano (R-FL-15) said Thursday.
Spano said Congress knew this was coming and tried unsuccessfully to spend additional $ 250 billion in funding last week. This is in addition to the $ 350 billion already spent by the program.
Spano said if lawmakers don’t get it soon, small businesses could go out of business for good.
“Over the next two months, three and a half million small businesses could close,” he added.
On Thursday, the Department of Labor announced that 5 million more Americans had filed for unemployment last week.
Republican House Leader Kevin McCarthy has said now is not the time for politics.
“I cannot understand, after watching 5 million more go unemployed, how President Pelosi continues to say no,” he said.
House Speaker Nancy Pelosi said Democrats wanted to say yes, but they also wanted Republicans to agree to include more money for health care workers and city and state governments.
“Well, we think they all need the resources,” Pelosi said Thursday.
Spano tells Florida business owners to hang on.
“I am optimistic that we will be able to secure an agreement which will allocate these necessary funds in the coming days,” added Spano.
The White House tweeted that “Congress must increase funding for the program – immediately. “
The Senate may attempt to pass the bill again next week.