A $350 billion emergency U.S. loan program to help small businesses keep workers on their payrolls amid the novel coronavirus disruption has run out of funds, the U.S. Small Business Administration said on Thursday.
FILE PHOTO: People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease , at an Arkansas Workforce Center in Fayetteville, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford
The SBA said in an email that nearly 5,000 banks had made roughly 1.6 million loans under the scheme, which was part of a $2.3 trillion congressional stimulus package passed last month to combat the economic damage caused by the virus. But lawmakers have yet to agree on legislation, as Democrats push to include other provisions to ensure financing for minority-owned and rural businesses and assistance for hospitals, state and local governments and the poor. Republicans oppose the additional measures.
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