Small Business Administration Says Paycheck Protection Plan Out Of Money

United States Capitol Building

DALLAS (1080 KRLD/AP) - The Federal government's Paycheck Protection Loan Program for small businesses is on hold. 

"It ran out of money this morning," said KRLD Business Analyst David Johnson.  "$349 billion dollars has been committed, the program's lending limit."

Those business owners whose applications have not yet been processed must now wait for Congress to approve more money. 

“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” a release from the US Small Business Admin. says.

Thousands of small business owners across the US 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.

Small businesses in Texas have received the most loans of any state.  Texas has gotten 88,000 loans, totaling $22 billion.  That's $900 million more than California and twice as much as New York.​

Secretary @stevenmnuchin1 and I urge Congress to appropriate additional funds for the #PaycheckProtectionProgram—a critical and overwhelmingly bipartisan program—at which point we will once again be able to protect millions more paychecks.

— Jovita Carranza, SBA (@SBAJovita) April 16, 2020

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.

*Listen to 1080 KRLD Online | Streaming on RADIO.com