Tapped out | Small Business Association paycheck protection program runs dry

The U.S. Small Business Association’s paycheck protection loan program has seemingly run out of money.

The SBA’s website posted this message Thursday morning.

On Monday, the SBA said Monday it reached the $349 billion lending limit for the program.

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Thousands of small business owners whose loans have not yet been processed must now wait for Congress to approve a Trump administration request for another $250 billion for the program.

Republicans, including President Donald Trump, immediately launched into attacks on Democrats for the conundrum.

Lawmakers have been haggling over whether to extend the program as it stands now, or whether to add provisions that among other things would help minority businesses.

It’s unclear when they might reach an agreement that would allow loan approvals to continue, according to The Associated Press.

On Wednesday, Treasury Secretary Steven Mnuchin and SBA head Jovita Carranza urged Congress to approve more funds.

Meanwhile, thousands of businesses are still applying, hoping to get loans when Congress approves an extension of the program.