April 17, 2020
On Thursday, the U.S. Small Business Administration (SBA) reported that the Paycheck Protection Program’s (PPP) loan volume reached the maximum limit of $349 billion appropriated under the CARES Act, as had funds for the Economic Injury Disaster Loan program (EIDL). In a statement released on Wednesday, U.S. Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza said that the SBA has processed more than 14 years’ worth of loans in less than two weeks.
On Thursday, AAHOA President and CEO Cecil P. Staton urged Congress to take immediate action to provide additional funding to the Paycheck Protection Program (PPP). “COVID-19 is placing American small businesses in such distress that the largest stimulus programs in the nation’s history ran out of money in less than two weeks. Congress must immediately authorize additional funding for this crucial capital lifeline and direct the Small Business Administration to permit lenders to continue submitting applications into a queue so that valuable time is not lost while we wait for Congress to act,” Staton said in a statement released on April 16.