Small-Business Rescue Program Ends With $134 Billion Unspent
- Congress still debating extending Paycheck Protection Program
- Latest deadline to apply for loan funding was Saturday night
Pedestrians wearing protective masks walk down Main Street in Park City, Utah, on Aug. 1.
Photographer: Kim Raff/BloombergThis article is for subscribers only.
A U.S. coronavirus loan program for small businesses closed with almost $134 billion in remaining funds and with plans for a new round of aid on hold.
The Small Business Administration, which runs the Paycheck Protection Program with the Treasury Department, stopped accepting new loan applications at 11:59 p.m. on Saturday. More than 5.2 million loans totaling $525 billion have been approved since the program launched April 3, according to a report posted by the SBA on Wednesday. The average loan amount was $101,000.