One of the main coronavirus relief fund sources for suffering small businesses hit its $350 billion limit Thursday and is no longer accepting any more lenders or applications, the Small Business Administration announced.
“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” SBA spokesperson Jennifer Kelly said in a statement. “Similarly, we are unable to enroll new PPP lenders at this time.”
The SBA approved 1,661,397 loans from 4,975 lenders before it was exhausted. Due to bottleneck issues between the agency and banks, only a fraction of those have actually been credited to customers’ bank accounts.
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