By Kim Khan
Investing.com – The federal government’s program of loans for small businesses to retain workers is now oversubscribed and no loans will be available without action from Congress.
The Small Business Administration said Thursday the Paycheck Protection Program had reached its allotment of $349 billion.
More than 1.62 million loan applications were approved, according to the SBA.
Both sides of Congress have been negotiating over a bill that would provide more funding for the program, which many saw running dry quickly once launched due to high demand.