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$350 billion paycheck protection fund STOPS taking loan applications as it runs out of cash and Donald Trump blames Democrats for 'killing' small businesses

Donald Trump blamed Democrats for 'killing' small businesses as the $350 billion paycheck protection fund ran dry Thursday morning...

Donald Trump blamed Democrats for 'killing' small businesses as the $350 billion paycheck protection fund ran dry Thursday morning.
'Democrats are blocking additional funding for the popular Paycheck Protection Program. They are killing American small businesses,' Trump lamented in a Twitter post.
'Stop playing politics Dems! Support Refilling PPP NOW – it is out of funds!' he continued.
The application site for the payment protection (PPP) program was opened to the public less than two weeks ago by the Small Business Administration – but the $350 billion relief fund ran completely out of funds by Thursday morning.
'The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,' a message reads on the Small Business Administration webpage where business owners with less than 500 employees could apply for the grant.
'Similarly, we are unable to enroll new PPP lenders at this time,' it continued.
The SBA fund was passed last month, but Republicans wanted to expand the program to a total of $600 billion as applications began flooding in and money depleted from the account swiftly. 
The Small Business Administration, which falls within the Treasury Department, announced Thursday morning that the payment protection program had run out of funds
The Small Business Administration, which falls within the Treasury Department, announced Thursday morning that the payment protection program had run out of funds
'The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,' a message from SBA shows up on its website where people could previously apply for the grants
'The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,' a message from SBA shows up on its website where people could previously apply for the grants
Donald Trump took to Twitter to accuse Democrats for trying to 'kill' small businesses by blocking an interim bill to increase funds for the program
Donald Trump took to Twitter to accuse Democrats for trying to 'kill' small businesses by blocking an interim bill to increase funds for the program
The PPP is meant to provide economic relief in the form of a grant to small non-essential businesses that were forced to close in the midst of the coronavirus crisis
The PPP is meant to provide economic relief in the form of a grant to small non-essential businesses that were forced to close in the midst of the coronavirus crisis
Mitch McConnell
Kevin McCarthy
Senate Majority Leader Mitch McConnell (left) and House Minority Leader Kevin McCarthy (right) said in a joint statement: 'Democrats have spent days blocking emergency funding for Americans' paychecks and now the bipartisan program has run dry' 
Democrats were able to block a GOP-proposed $250 billion increase in the program. House Speaker Nancy Pelosi said the interim measure should not be passed without providing other reliefs for Americans, like expanding the food stamps program and hiking up the production of personal protective equipment
Democrats were able to block a GOP-proposed $250 billion increase in the program. House Speaker Nancy Pelosi said the interim measure should not be passed without providing other reliefs for Americans, like expanding the food stamps program and hiking up the production of personal protective equipment
The program is a grant for small businesses to pay rent and keep employees on the payroll as unemployment levels surged to an all-time-high with more than 20 million people filing for the benefits in the last four weeks
The program is a grant for small businesses to pay rent and keep employees on the payroll as unemployment levels surged to an all-time-high with more than 20 million people filing for the benefits in the last four weeks
The administration within the Treasury Department administers the program and backs the loans made through banks to small businesses.
It admitted Wednesday evening that it would run out of funds for PPP within hours after launching less than two weeks before.
As the program ran out of money Republican blamed Democrats for withholding money as they tried to pass an interim relief bill that would include more money for PPP. 
'The Small Business Administration and the Department of the Treasury report that the Paycheck Protection Program will exhaust its funding in a matter of hours,' Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy wrote in a joint statement Wednesday night.
The money is intended to help stop small businesses from shuttering and incentivizes owners to keep their employees on the payroll in the midst of the coronavirus crisis by promising to forgive the loan if they do so.
'Democrats have spent days blocking emergency funding for Americans' paychecks and now the bipartisan program has run dry,' the Republican leaders said in the statement.

But Democrats would not let the measure pass in the senate when the Majority Leader requested unanimous consent. 
McConnell proposed an interim relief measure last week that would allocate $250 billion more to the program to help save small businesses struggling to pay rent or employees after all non-essential businesses were forced to close as different states implemented lockdowns and stay-at-home orders. 
They claim the interim relief needed to include some of their demanded measures, including more money for the federal food stamp program and an increased fund to ramp up the production and distribution of personal protective equipment (PPE) to hospitals and other healthcare centers.
The $10 million loans for small businesses would be forgiven by the government if the owners used the money to prevent laying off employees and keeping them on the payroll.
The PPP's aim is to save several small businesses from shuttering and keep thousands of employees from filing for unemployment as the number of claims reached an all-time-high when more than 22 million people applied for the benefits in the last four weekly filing periods.
The federal government lending program, included as part of the CARES Act passed last month, is nearing its $349 billion statutory limit less than two weeks after it started accepting applications.
The Small Business Administration said as of Wednesday afternoon, it had approved nearly 1.38 million loans totaling more than $301 billion – up more than $50 billion since Monday.
The Trump administration has asked Congress, which set the original ceiling, for another $250 billion for the program. However, that request has stalled in the Senate. 
An email sent to the SBA for information about the agency's next steps after the lending limit is reached was not immediately answered.
It's unclear how much money has actually been distributed from the program, which only launched April 3. Thousands of business owners are still awaiting word on their loan applications.
The average loan size is $240,000, according to the SBA.
Administrator of SBA Jovita Carranza (pictured) announced Wednesday evening that funds for the program would run out within hours
Administrator of SBA Jovita Carranza (pictured) announced Wednesday evening that funds for the program would run out within hours
President Donald Trump is flanked by Jovita Carranza (left) and Treasury Secretary Steve Mnuchin (right) following a 'small business relief update' video conference call event with banking executives
President Donald Trump is flanked by Jovita Carranza (left) and Treasury Secretary Steve Mnuchin (right) following a 'small business relief update' video conference call event with banking executives

However neither the Treasury Department nor the agency overseeing the lending program have put out detailed information about the taxpayer-backed loans, which are administered by banks.
An administration official told CNBC the information is not available. 
The loan money is contained in a $2 trillion coronavirus bailout law. When it was announced late last month, SBA administrator Jovita Carranza said in a statement: 'Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans.'
Having banks dole out the money was designed to get the funds out to businesses as quickly as possible.
The loans are to be completely forgiven, so long as proceeds are used to cover payroll, mortgage interest, rent, and utilities for the two months after the loan is made, according to Treasury Department guidance, and compensation levels are maintained. 
Businesses getting the loans range from health care to retail to construction.  
Pelosi responded to reports that the program could run out of funds Wednesday as Democrats attempted negotiations with the administration on a deal to provide $251 billion in new funding for small businesses.
'Democrats know that in order for the Paycheck Protection Program to succeed, it must work for everyone. That is why we have been asking for the Administration to work with us to help' small businesses that are 'underbanked,' state and local governments that are 'desperate,' and front line hospitals, she wrote.
'As has been clear since last week, Republicans' bill which fails to address these critical issues cannot get unanimous consent in the House,' she said, a week after refusing to go along with a stand-alone bill being sought by Republicans. Democrats want a broader deal worth $500 billion dealing with all three areas.

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