Home California SBA: $349 Billion Coronavirus Loan Program for Small Businesses is Out of Money

SBA: $349 Billion Coronavirus Loan Program for Small Businesses is Out of Money

by ECT

After launching on April 3, the Small Business Administration announced Wednesday it was out of money after hitting the hitting the $349 billion initial allotment.

U.S. Treasury Secretary Steven T. Mnuchin said the SBA processed 14-years worth of loans in less than 14-days.

Here is the statement:

Statement by Secretary Mnuchin and Administrator Carranza on the Paycheck Protection Program and Economic Injury Disaster Loan Program

WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza issued the following statement regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program:

“The SBA has processed more than 14 years’ worth of loans in less than 14 days.  The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time.  The EIDL program is also providing much-needed relief to people and businesses.

“By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.

“We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.

“The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible.  We want every eligible small business to participate and get the resources they need.”


About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov

You may also like


Frank Apr 16, 2020 - 7:52 am

Pelosi needs to put her teeth back in her mouth and stop drinking so the SBA can be funded. Just saying.

Hey Franky Frank Apr 16, 2020 - 12:20 pm

Saggy, wet thumb looking Mitch McConnell needs to stop bending over for Trump (job security for Mitchy’s wife) and provide more relief to the hard working American class instead of big corporations.

-Republicans For The Rule Of Law-

TSG Apr 17, 2020 - 3:29 pm

Hey, you don’t seem to get that it is Nancy Pelosi who is blocking funding for this program. Has nothing to do with Mitch McConnell (he has his own issues, but unrelated here). This shows that Pelosi is evil and does not give a damm for the people.

Jg Apr 18, 2020 - 8:35 am

She is an evil woman for sure. She continues to have blood on her hands by all her delays holding up needed assistance only to self serve her personal power and pork waste projects. Why anyone would vote for this witch is beyond reason. She is relaxing well behind here multi million dollar mansion home surrounded by a WALL getting a full paycheck while us lower tier peasants find a way to survive. Ya idiots re-elect her. Unbelievable a recall hasn’t happened.

Kathy Lee Apr 18, 2020 - 8:39 am

Speaking of giving a damn, the administration’s oversight was so thin that the money went to a “small business” that earned $20,000,000 last year (not that making that much is bad, but they need to be in another loan category—very successful small businesses). I’m concerned that our money needs to go further and help more people in rural areas. How about a micro-loan program administered by potential loan recipients??? We need to give som priority to certain types of business—child and elder care, micro farms, small machine and welding shops, the trades, service businesses, small restaurants, and anything that can be operated and followed online.

Comments are closed.