Government’s small business loan program is out of money

Government's small business loan program is out of money 1

 

On Thursday morning, the $349 billion emergency small business lending program officially tapped out. The Small Business Association officially ran out of money for the Paycheck Protection Program, according to a message for lenders posted on the administration's website.

Negotiations on Capitol Hill have yet to generate a path forward to replenish the money, all as the US economy continues to stagger under the pressure of near-nationwide closures.

#CNN #News

78 Comments on "Government’s small business loan program is out of money"

  1. Well being a small town owner they basically put us out of business and we need help

  2. Michael Galusha | April 16, 2020 at 4:21 PM | Reply

    I’m sure some hidden funds will start appearing soon….after some indictments

  3. Imagine still thinking the government cares about you

    • chronicstamped | April 16, 2020 at 7:56 PM | Reply

      Lol

    • @100% GENTILE .Why do you people think when someone has a different viewpoint they are offended. You sound like a little kid with that philosophy

    • If you need to obtain a lost email? Got that spouse that you are suspicious of cheating on you? I completed my divorce with my ex husband after contacting cyberhack037@gmail.com or on WhatsApp +14347678160 for the best iPhone spy key-logger (I know its illegal but I could afford it). You won’t need victim’s phone to install and you have access to( In my case I didn’t need to gain access to my ex husband’s phone ):
      I had access to all Calls both incoming and outgoing, all text messages, WhatsApp, Facebook, Instagram, Skype, Pictures and Videos, Emails, GPS Tracking.

    • Pelosi certainly doesn’t. This was supposed to be a very simple and quick decision. Top off the funds for small businesses. Nope. We need term limits now. These clowns in congress shouldn’t still be around after 30+ years.

    • The Democrats only care about their identity politics agenda.

  4. The giant corporations got theirs, I bet.

    • Marlene Aymone | April 16, 2020 at 8:16 PM | Reply

      I Will Dare you already know lol

    • Best True Crime Documentary | April 16, 2020 at 8:20 PM | Reply

      @Blair Kullaj I was one of the first my 33 series confirmation was in the low 3k not 30k or 300k but 3k I should have been one of the first people funded if it was first come first served. Go to the small business reddit and see how many of us who filled in the first hours where passed over and then tell me they could only help so many. Obviously there was a pecking order and we small businesses who have every penny invested into our dream job where passed over to help bigger small businesses( with less than 500 employees because 499 employees means you are a SMALL business) .

    • Blair Kullaj | April 16, 2020 at 9:00 PM | Reply

      ​@Best True Crime Documentary Sorry to hear. The government fucked the people big time again. No surprise here. 350bill / $25000 dollar max a small biz could have gotten have gotten =14,000,000‬ people/businesses on first come first serve. Something fishy is going on here. I was in the 360K conf.

    • The form they fill out for bailout is literally one page whereas my unemployment was at least 5 or 6. Did you run a large scale corporation that jerks off politicians? Here take MORE money on TOP of the tax breaks we give you every year.

    • Best True Crime Documentary | April 16, 2020 at 9:28 PM | Reply

      Storm dc. I’m literally sick to my stomach no help no funding no nothing . I’m glad I went for the american dream and was forced to close then told to get lost after they promised they would help, your government working hard to help

  5. Ryan Steinle | April 16, 2020 at 4:30 PM | Reply

    Feel like a revolution is starting to brew

    • @ A J The Senate worked all weekend to hammer out a bill for small business relief. Then in comes Pelosi with a massive list of crap to add to the bill including election funds, and student debt relief. All of it was done just so the bill would be rejected and the Liberal media would report to morons like you that it’s Trumps Fault and you of course believe it.

      You’re a stupid tool A J

    • Tanner Smith | April 16, 2020 at 8:03 PM | Reply

      john allen do you have a source other than Faux News?

    • Don’t try to educate the liberals. They would rather side with a murderous dictatorship. Also wanted open borders and free healthcare for all. Weeeeeee fantasy land. Imagine how much more of an issue this would be with all the illegals we would be taking care of

    • @ Tanner Smith Here you go since you’re so fucking stupid you can’t look things up yourself. It doesn’t matter you’ll just ignore it and keep drinking the Kool AId because you’re a brainwashed tool. quit listening to the main stream media learn to think for yourself if you have enough intelligence.

      https://www.theblaze.com/news/nancy-pelosi-had-a-wishlist-of-unrelated-demands-for-coronavirus-bill-killed-bipartisan-agreement

  6. Shaine Russell | April 16, 2020 at 4:35 PM | Reply

    How the hell they ran out of money I still haven’t received my 10k yet..bailing out all these big corporations and forgot about us little business🤦🏾‍♂️

  7. Wesley Miller | April 16, 2020 at 4:50 PM | Reply

    my small business never received a dime of help I applied early hope you all like getting your haircuts at a franchise you just put my barbershop out of business

    • Wesley Miller, I didn’t even know Barbershop franchises existed. Also you have no authority speaking against people who decide to not go to your shop.

    • same here, seem hotel chains and shake shack got there’s tho

    • Mark Mahecha | April 16, 2020 at 7:38 PM | Reply

      @Kosausrk for your information the only businesses affected are the mom and pop businesses… you think the big corporations are affected.. hell no.. it barely dents them

    • Wesley Miller | April 16, 2020 at 8:16 PM | Reply

      @Kosausrk and your a idiot

    • Wesley Miller | April 16, 2020 at 8:20 PM | Reply

      @Kosausrk your not very intelligent ever hear of sportsclips biggest fake barbershop franchise and I never said anything about only patronizing my shop

  8. We applied as soon as it was possible and got an email 12 hours later that the money was already gone.

    • Lauri Rohr yeah, I heard he sent it to the Russians…..

    • Tuckin Fittites | April 16, 2020 at 7:58 PM | Reply

      @Jacob Steenhuysen same

    • Terry Seregely | April 16, 2020 at 8:04 PM | Reply

      @Jacob Steenhuysen So did we. Full amount applied for.

    • @Lauri Rohr bs. Pelosi and the Dems keep trying to throw there stupid political agendas into the bill that have nothing to do with helping small business but progressive/ regressive ideas like the green new deal and etc. They should worry about doing that separately not for something like this.

    • That’s because all the money went to his rich friends first we just got the leftovers

  9. Ryan Yoshimura | April 16, 2020 at 4:52 PM | Reply

    They’ll never run out of money to give the big businesses though.

    • Moon River Baby | April 16, 2020 at 7:41 PM | Reply

      James Andrews Also, bail out for the American people? Wtf? You mean that $1.2k check given out? And 6 months of not needing to pay your college loans?

    • @James Andrews Trumps first budget if I remember was unanimously voted down? Wasn’t it a severely modified budget that got through his first year, just like obama’s. The plan was to eliminate debt in 10 years but essentially all the cuts that could do that were taken out, its a given that a lot of people opposed cutting government spending.
      Edit: once again on memory the above doesn’t include tax cuts which if implemented would have decreased the USA feds revenue so that it wouldn’t be debt free in 10 years. There were a lot of problems with it that weren’t fixed, and probably made worse, going through congress.

    • James Andrews | April 16, 2020 at 8:18 PM | Reply

      @Ball Python Yes his first budget was voted down by a republican house and Senate, but his first budget also had a deficit.

      His first budget transferred funds from entitlements to military but still had a deficit larger than inherited. We could back in forth over entitlements vs military but this is a budget discussion between the two of us.

      He increased the deficit in his proposed budget before it was shot down he is outspending Obama.

      He also sent more jobs to Mexico than Obama, all for an OPEC deal. Lol keep sucking the orange carrot I’ll stick to the Kool Aid

  10. Did people think any of that money was goin to small business 🤦🏻‍♂️

  11. Mitchell Gillum | April 16, 2020 at 5:26 PM | Reply

    When I tell people about this in the future, I’m not going to have much to say other than, “Bruh, none of us had any idea what was going on.”

  12. Matthew Sano | April 16, 2020 at 5:27 PM | Reply

    “Money to pay their mortgage interest”?!

    Those, along side student loans, credit card debt and rent, should have been the first things canceled during this time.

    The banks are already getting backstopped by the Fed with unlimited credit.

    How about they bail us out for a change.

    Also, opening up in May risks all the progress we made so far.

    The thing about viral pandemics is that mitigation never ends until you have an effective vaccine that are widespread and readily available.

    Once we flatten that curve, we have to constantly work to keep it flat.

    If we had the testing and monitoring capabilties like South Korea, we could do a very coordinated, slow re-opening of certain areas.

    But we are still some months away from that.

    • christopher weise | April 16, 2020 at 8:10 PM | Reply

      jakeizlove – We’re already there. Trump”s deficit is rising 3x faster than Obama’s did. I mean….we had to pay for those ultra wealthy tax cuts somehow. This is like adding another 10 gallons of water to the Titanic after it already hit the iceberg. The outcome will be the same….it’s just a matter of how quickly you get there.

    • @jakeizlove You moron they bail out banks and the rich every other day with TRILLIONS.

      Why are you so dumb? Why are you a slave to your owners?

    • It’s a breath of fresh air to hear someone actually using their brains for once. Thank you for existing.

  13. Mike Cziraky | April 16, 2020 at 5:43 PM | Reply

    Because the Democrats blocked new stimulus bill. That’s why

  14. Over the edge | April 16, 2020 at 5:43 PM | Reply

    Just remember, Congress gets ANOTHER vacation. And with pay.

  15. Go woke you go broke. I’m sure lots of dems with virus are still mad they can’t spread virus to trump rallies like they said they would do. Such nice Americans.

  16. Troll Destroyer | April 16, 2020 at 6:05 PM | Reply

    Funny how all the SBA money is gone, but we’re also at the highest level of unemployment since the Great Depression. That money was supposed to keep the companies running and paying employees. Huh. That sure is curious.

    • Actually a big reason we saw a major spike is due to the higher lvl business and the mom and pop shops. The large corporation cuts all the employees to keep the top satisfied since they waste their money on stock buybacks and the mom and pop shops cant get a single answer from the banks unless they employ 50 or more people and they cant keep people around if no one is working.

  17. Eva Stafford | April 16, 2020 at 6:07 PM | Reply

    I agree SHOW US WHO GOT THE MONEY, another BIG BANK BAILOUT

  18. But they still got TRILIIONS in welfare for big business. Democrats and Republicans have failed us all.

    • Tribe of judah Lion | April 16, 2020 at 8:16 PM | Reply

      I keep telling people this House is not divided. That’s why it’s still standing.🤔✌️

    • michail zahos | April 16, 2020 at 10:49 PM | Reply

      The big biz ones are loans not free money same with the auto bailout it’s was repayed in full plus interest from Chrysler and GM

  19. Term limits for congress, people.

    Term limits.

    • If people really hated them so much, how are they still in office?

    • @Anonymous because people dont vote for who is the better candidate. They vote for a name that is familiar or for the letter next to their name (D/R)

    • Agreed people like Bernie, Pelosi, Steny Hoyer,
      Marcy Kaptur, Ron Auden, Chuck Schumer, Pat Roberts, Patrick Leahy, Ed Markey, and then pick your 9 from the republican side… all of them hundreds of years combined…AOC unfortunately will be on that list for the rest of her life … they don’t like term limits since they would lose all the benefits, six figures salaries, insurance hardly any work…
      To be exact: Congressional pay is $174,000 per year, which, at an 80% rate, equates to a lifelong pension benefit of $139,200. 5 All benefits are taxpayer-funded. Additionally, members of Congress enjoy the same Thrift Savings Plan (TSP) as all other federal employees, which is similar to a 401(k).Sep 23, 2019

      They should hold a job/career, allow for a minimum wage with no lifetime benefits or pension. It’s a racket and if they care for the people no matter what side of the isle this should t be a problem. They can save the foot print and do business virtually and meet when needed.

  20. Stay Br00t4l602 | April 16, 2020 at 7:14 PM | Reply

    Imagine thinking of voting for someone who promised universal income then the money just “runs out”

    • Supergirl WinnerFG | April 16, 2020 at 7:47 PM | Reply

      theres a right way to do it that it wont run out but why would it run out wen people put that money back into business n economy circle back inforth but u havent try it out so how u know is not working. even trying given to the rich is not working out people still struggle but u all keep doing this thing over n over again soi just think balance give to rich n give it to the under rich back in forth

    • Imagine thinking your vote counts.

    • Oops

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