A U.S. coronavirus loan program for small businesses closed with almost $134 billion in remaining funds and with plans for a new round of aid on hold.
The Small Business Administration, which runs the Paycheck Protection Program with the Treasury Department, stopped accepting new loan applications at 11:59 p.m. on Saturday. More than 5.2 million loans totaling $525 billion have been approved since the program launched April 3, according to a report posted by the SBA on Wednesday. The average loan amount was $101,000.
The $134 billion in remaining funds returns to the Treasury unless Congress votes to re-appropriate the money — but negotiations have stalled among Democratic lawmakers and the Trump administration on a broader stimulus package. A proposal from Senate Republicans calls for using $190 billion in leftover PPP money and new funding to extend the current program through Dec. 31 while allowing smaller and disadvantaged companies hardest hit by the pandemic to get a second loan.
