Small Business Lending Program on Hold After Reaching Limit
NEW YORK (AP) — The government’s lending program for small businesses is tapped out, and business owners who still need loans are waiting on Congress to approve more funding.
The Small Business Administration said Thursday that it reached the $349 billion lending limit for the program, after approving nearly 1.7 million loans.
Thousands of small business owners whose loans have not yet been processed must now look to Congress to approve a Trump administration request for another $250 billion for the program.
It’s unclear when they might reach an agreement that would allow loan approvals to continue.