Small Business Loan Program Out of Money Soon After Democrats Block Additional Funding

In the last few hours, funding ran out for loans authorized for small businesses in order to keep their employees on the payroll. The funds ran out after Democrats refused to allow hundreds of billions of dollars to be added to the program. Senate Republicans attempted to add the funds last week but were denied by Democrats.

The Small Business Administration has approved 1.6 million loans so far in less than two weeks. This would be the same amount of loans that the SBA would normally approve over a 14 year period.