Emergency Small Business Funding Runs Out

The small business rescue fund set up by Congress exhausted its $350 billion funding capacity Thursday morning, as U.S. lawmakers remained mired in a battle over providing more money.

Congressional Democrats continued their talks with the Trump administration on Thursday on whether there's a deal that can pass Congress unanimously. Without additional funding, banks and the Small Business Administration will be unable to approve more of the Paycheck Protection Program loans designed to avert layoffs during the coronavirus pandemic, which can be forgiven if businesses agree to maintain their payrolls.

NEW YORK (AP) — The government’s lending program for small businesses is on hold.

The Small Business Administration said Thursday that it reached the $349 billion lending limit for the program, after approving nearly 1.7 million loans.

Thousands of small business owners whose loans have not yet been processed must now wait for Congress to approve a Trump administration request for another $250 billion for the program. Lawmakers have been haggling over whether to extend the program as it stands now, or whether to add provisions that, among other things,...