The US government is on the verge of running out of money for coronavirus small business loans

Reuters

• The government is approaching the $349 billion lending limit on its Paycheck Protection Program that is funneling relief money to the nation's small businesses.
• The Small Business Administration says that as of Wednesday afternoon, it had approved more than 1.44 million loans totaling more than $311 billion — up more than $50 billion since Monday.
• The Trump administration has asked Congress, which set the original ceiling, for another $250 billion for the program. However, that request has stalled in the Senate.
• It's unclear how much money has actually been distributed from the program, which launched April 3. Thousands of business owners are still awaiting word on their loan applications.
• Visit Business Insider's homepage for more stories.

NEW YORK (AP) — The government is approaching the $349 billion lending limit on its Paycheck Protection Program that is funneling relief money to the nation's small businesses.

The Small Business Administration says that as of Wednesday afternoon, it had approved more than 1.44 million loans totaling more than $311 billion — up more than $50 billion since Monday. The Trump administration has asked Congress, which set the original ceiling, for another $250 billion for the program. However, that request has stalled in the Senate.

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See Also:

• The UK's former chief scientific adviser says Boris Johnson's slow response to the coronavirus pandemic cost lives
• A leaked plan by FEMA and the CDC would reopen the US in phases, starting in May with schools and then parks and religious institutions
• 'The world needs WHO': Bill Gates slammed Trump for halting the $400 million in US funding for the World Health Organization in the middle of a pandemic

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