fbpx

Paycheck Protection Program runs out of money

The Small Business Administration has stopped processing Paycheck Protection Program loan applications after approving 1.3 million loans and hitting its $349 billion cap, CNBC is reporting.

“By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations,” a statement by Treasury Secretary Steve Mnuchin on Wednesday said. “We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.”

CNBC confirmed that the money had run out.

Negotiations were reportedly continuing between the House, Senate and Treasury Department. Democrats in Congress refused to allow a general extension of funding without approving additional money for other recovery programs as well, PBS.org reported.

Failure to resolve the funding issue could have broad implications for the nation’s economy. The program encourages businesses to keep workers employed by providing government-backed loans from banks to businesses. Businesses that meet certain criteria won’t need to pay the loans back.

“It won’t be long before we have data showing business bankruptcies rising at an alarming rate,” said a statement from the Main Street Alliance, a network of small business coalitions. “We are on the brink of economic catastrophe and Congress must act immediately to overhaul the troubled PPP to provide significantly more streamlined funding and faster for a longer timeline, and ensure that workers waiting in line for UI [unemployment insurance] are covered, including self employed and gig workers.”

Do you have experience trying to get a PPP loan or want to share your business survival tips? Please send your comments to SFBW Editor-in-Chief Kevin Gale at kgale@SFBWmag.com.

 

 

 

 

 

You May Also Like

Clamor Grows for More PPP

Anticipation is growing for Congress to free up another batch of PPP loans for small businesses as part of additional legislation to respond to the economic fallout from the COVID-19

Heroes of the Pandemic

By Clarissa Buch and Sally-Ann O’Dowd • photography (where indicated) by Eduardo Schneider “It’s so terrifying because as a pregnant female, I’m considered immuno-compromised. If I get infected, my immune

Business as usual

In the aftermath of our spring feature on how companies were dealing with the shutdown, businesses from all over South Florida continue to share their pandemic stories with SFBW. Here

Business as usual

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column width=”2/3″][vc_column_text] By SFBW editorial staff Kevin Sheehan Jr. President, Bahamas Paradise Cruise Line Business backstory: The only two-night cruise sailing from the

Other Posts

“Workations”—i.e., Blended Travel—Is the Hot New Perk

With remote work seemingly here to stay, vacation days have entered a nebulous zone and become ever harder to track, while traveling has dropped into the most ambiguous space of

What Vitruvia Offers Is Medical Innovation: Personalized, Minimally Invasive Treatment

“Dr. Abhinav Gautam was one of the first people I met when I moved to Miami,” Christian Seale recalls. In 2015, the two were introduced by Dr. Narendra Kini, a

How the Pandemic Solidified Expectations of Work/Life Balance

“On or about December 1910 human character changed,” Virginia Woolf once wrote. The COVID-19 pandemic changed us as well. Behind the bold red cover of this issue lies a beating

Drew Limsky
LoKation Real Estate Offers Something Different, and Lucrative, for Agents

Jeremy Beard already had several successful careers under his belt when he joined LoKation Real Estate in 2015, and he draws wisdom from each of them now as the company’s

Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.