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Congress’s Fund to Backstop Paychecks is Officially Out of Money

Small businesses hang by a thread as Democrats block more funds

The lending program meant to keep small businesses afloat amid the coronavirus crisis is officially out of funds, less than two weeks after it was chartered.

Small business owners seeking a loan guaranteed by the Paycheck Protection Program (PPP) were greeted Thursday morning by a statement from the Small Business Administration that, “based on available appropriations funding,” it was currently unable to accept either applicants or new lenders. A spokesman for Sen. Marco Rubio (R., Fla.), who chairs the Senate small business committee, told the Washington Free Beacon that the program was just shy of its $349 billion cap, with remaining funds reserved for processing fees.

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