The U.S. Small Business Administration said it has stopped accepting applications for a $349 billion federal relief program meant to help small businesses survive the coronavirus outbreak after funding ran out with many still waiting to get a lifeline.
The government-backed loans are available on a first-come, first-served basis, and there’s no remaining funding for the SBA to guarantee additional loans, officials said. Without more money for the program, many small firms that have flooded banks with applications won’t get help.
“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” the agency said in a statement on its website. “Similarly, we are unable to enroll new PPP lenders at this time.”
Several trade groups, including the National Automobile Dealers Association and the American International Automobile Dealers Association, are advocating for more funding for the program and sent a…