Government lending program on hold after reaching lending limit

Coronavirus

NEW YORK (AP) — The government’s paycheck protection loan program for small businesses is on hold. The Small Business Administration said Monday that it reached the $349 billion lending limit for the program.

Thousands of small business owners whose loans have not yet been processed must now wait for Congress to approve a Trump administration request for another $250 billion for the program.

Lawmakers have been haggling over whether to extend the program as it stands now, or whether to add provisions that among other things would help minority businesses.

It’s unclear when they might reach an agreement that would allow loan approvals to continue

Treasury Secretary Steven Mnuchin and SBA head Jovita Carranza on Wednesday urged Congress to approve more funds.

Meanwhile, thousands of businesses are still applying, hoping to get loans when Congress approves an extension of the program.

COVID-19 timeline

  • March 3: NCDHHS announces state’s first COVID-19 case
  • March 10: Gov. Roy Cooper declares State of Emergency
  • March 11: World Health Organization declares COVID-19 a pandemic
  • March 13: President Donald Trump declares a National Emergency
  • March 14: Cooper issues Executive Order 117 closing K-12 public schools until at least March 30 and banning gatherings of more than 100 people
  • March 16: NCDHHS recommends no mass gatherings for more than 50 people
  • March 17: Cooper issues Executive Order 118 limiting operations of restaurants and bars, and broadening unemployment insurance benefits
  • March 23: Cooper issues Executive Order 120 which closes public K-12 schools through May 15 and orders businesses such as barbershops and salons to close.
  • March 25: North Carolina reports its first coronavirus-related deaths
  • March 29: Trump extends social distancing orders through the end of April
  • March 31: Cooper signs Executive Order 124 which prohibits utilities from disconnecting people who are unable to pay during the pandemic.
  • April 7: Cooper will sign executive orders limiting customers in retailers and offers child care assistance to certain workers
  • April 14: Coronavirus-related deaths top 100 in North Carolina
  • April 24: Cooper extends stay-at-home order to May 8
  • May 5: Cooper announces Phase One of reopening will being May 8

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