April 2020

Small Business Aid Program Set to Run out of Money

$350 billion set aside for small businesses as part of the $2.2 trillion CARES Act will likely run dry on Wednesday, April 15. According to the Small Business Administration, more the 1.3 million applications have been approved. The loan applications have totaled more than $289 billion. Both sides of Congress continue to negotiate the extent to which the funds will be replenished. While Democrats and Republicans have agreed on an amount of $250 billion, an issue is how to restrict the funds. Sen. Chuck Schumer (D-NY), via 'WSJ' Sen. Mitch McConnell, R-KY, 'WSJ'