America’s $350 billion emergency loan program for small businesses may run out of money

John Detrixhe
America’s $350 billion emergency loan program for small businesses may run out of money

Last month, the US Congress created a $350 billion fund to keep small businesses solvent and workers on payrolls, amid widespread commercial shutdowns to try and contain the coronavirus pandemic. Demand for the program is proving to be immense, and there are signs that it could run out of money. The legislation for the Paycheck Protection Program was written quickly and got off on to a rocky start on Friday: The CEO of small business lender Fountainhead said he still had a number of unanswered questions about it and that his company didn’t have a way to submit applications to the Small Business Administration, which is guaranteeing the loans.