SBA loan program hits limit: They are out of money
The Small Business Administration’s rescue loan program hit its $349 billion limit on Thursday and is now out of money, leaving many to wonder what is next?
The Small Business Administration website reads “Lapse in Appropriations Notice: SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.”
The announcement from the SBA on Thursday comes as business owners including trucking companies, freight brokers and shippers work to deal with the fallout of the coronavirus pandemic and resulting business closures.
