By Canadian Press

Government closing in on small business lending limit

Apr 16, 2020 | 7:37 AM

NEW YORK — The government is closing in on the $349 billion lending limit on its Paycheck Protection Program that is sending relief money to the nation’s small businesses. The Small Business Administration says that it has approved more than 1.6 million loans worth more than $339 billion. The program will likely reach its ceiling Thursday. A Trump administration request for another $250 billion for the program has stalled in the Senate.

Treasury Secretary Steven Mnuchin and Small Business Administration head Jovita Carranza on Wednesday urged Congress to approve more funds. Meanwhile, thousands of small businesses have loan applications into bank, and more companies are in the process of applying.

The Associated Press