Emergency Small Business Funding Runs Out
Summary from the AllSides News Team
Featured Coverage of this Story
From the Left
Small business rescue funds depleted with Congress deadlockedThe 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.
From the Left
Small business lending program on hold after reaching limitNEW 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,...
From the Right
McConnell, McCarthy Blast Democrats For Blocking Funds For Small BusinessesSenate Majority Leader Mitch McConnell (R-KY) and House Minority Leader Kevin McCarthy (R-CA) slammed Democrats and House Speaker Nancy Pelosi (D-CA) in a statement on Wednesday for refusing to replenish the Paycheck Protection Program of the CARES Act, which will result in harm to Americans.
AllSides Picks
May 21st, 2024
May 16th, 2024
Discuss & Debate economy and jobs
CPRT Expert Dialogue: Nason Maani
May 23 at 12pm PT / 3pm ET Corporate Political Responsibility Taskforce