A new lending program for small businesses devastated by the coronavirus pandemic is depleted. The $350 billion Paycheck Protection Program was the center piece of the $2 trillion rescue law, writes The Washington Post.
“Overwhelmed by demand from the moment it launched April 3, the program has now essentially run dry as small businesses around the nation beg for relief. The program is aimed at helping businesses with under 500 workers and keeping people employed by extending loans that are forgivable if businesses keep workers on payroll.“
And now Congress can’t seem to agree on what to do next. The White House has asked for another $250 billion that would only go for small businesses. Democrat want more money and to include hospitals, city and state governments, plus food stamp recipients.
Democrats are expected to meet with Treasury Secretary Steve Mnuchin on Thursday.
Something needs to happen soon. With new jobless claims today, more than 22 million Americans have filed for unemployment aid.