Paycheck Protection Program Funds Reach Limit

On Thursday, the Small Business Administration reached the $349 billion lending limit for the Paycheck Protection Program. Small businesses with unprocessed loans will now wait for Congress to approve more funding. Lawmakers are attempting to add $250 billion to the program, but nothing is agreed to yet. “I suspect something will have to be done in the next week or two to add additional funds,” said Randy Russell, president, the Russell Group. “It’s proving to be a very popular, much needed program.” Congress won’t return to Washington D.C. until May 4, but Russell said a pro forma session could be one option to approve funds. “A few lawmakers could come to run the House and Senate if needed. Anything that’s to be done would have to be done through unanimous consent meaning both sides would have to agree.”