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Home » News » Business » $349B in small business relief issued by SBA, as CARES Act runs dry

$349B in small business relief issued by SBA, as CARES Act runs dry

Small businesses across the U.S. need help. The Finger Lakes, Western New York, Southern Tier, and Central New York are not exceptions.

Lawmakers in Washington are actively negotiating how to replenish the program, which has been a much needed lifeline for small businesses.

A massive pool, of more than $349 billion in relief was established to help, but that money has run out.

Part of the CARES Act included the Paycheck Protection Program, forgivable loans to small businesses to keep employees on the payroll and stay afloat.

This was built on a first-come, first-served basis, which resulted in a massive rush for businesses to get applications completed.

On Thursday, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza issued a statement on the matter, pointing out that 14 years worth of loans were processed in under two weeks.

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

They urged Congress to appropriate more funds for the Paycheck Protection Program.

“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,” the duo concluded.

Categories: BusinessNews