The program ran out of cash Thursday morning.
on Thursday morning, as billions of dollars in additional coronavirus aid remain stuck in congressional limbo.
Last week, Treasury Secretary Steven Mnuchin asked Congress to allocate $250 billion more for the program. But a GOP attempt to approve it was rejected by Senate Democrats, who maintained that additional cash should include emergency funding for hospitals and states, as well as some changes to the small business aid program. Republican aides have said conservatives will reject any spending beyond the PPP.
"The President and his Administration will continue to prioritize relief for all those affected by this unprecedented crisis, which is why Congressional Democrats must stop playing politics and blocking additional emergency relief for our Nation's small businesses," White House spokesperson Judd Deere said in a statement.
The program, which launched less than two weeks ago, provides loans at ultra-low interest rates to businesses with fewer than 500 employees to incentivize them to keep staff on payroll, or rehire workers who have already been laid off. If at least 75 percent of the money goes to keep employees on the payroll, the federal government will forgive the loans.
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