Small Business Administration’s Coronavirus Paycheck Protection Program Runs Out Of Funding

(Photo by Win McNamee/Getty Images)

Christian Datoc Senior White House Correspondent
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The Small Business Administration put a halt on approving loans under the Paycheck Protection Program Thursday morning.

The program, a featured piece of the coronavirus stimulus plan, had already approved $339 billion in loans for roughly 1.6 million applicants by midmorning Thursday. The remaining $10 million included in the capped amount approved by Congress is reserved for fees and processing.

WASHINGTON, DC - APRIL 15: U.S. President Donald Trump listens as Vice President Mike Pence speaks during a daily briefing of the White House Coronavirus Task Force in the Rose Garden at the White House April 15, 2020 in Washington, DC. The Treasury Department has ordered the IRS to put President Trump’s signature on the stimulus checks that are being sent to all Americans due to the nations shutdown due to the COVID-19 pandemic. (Photo by Alex Wong/Getty Images)

(Photo by Alex Wong/Getty Images)

Despite calls from Treasury Secretary Steve Mnuchin for an additional $250 billion in allocated PPP funds, Congressional lawmakers have not been able to reach a deal on a second tranche of small business relief. Both chambers are on recess until May 4 but are holding pro forma sessions, in which new legislation could be approved by a unanimous voice vote.

Trump has highlighted Pelosi as the primary roadblock to another batch of funding. He tweeted that the House Speaker was a “weak person” Thursday morning.

“She is totally incompetent & controlled by the Radical Left, a weak and pathetic puppet,” the president wrote. “Come back to Washington and do your job!”

“Democrats are blocking additional funding for the popular Paycheck Protection Program. They are killing American small businesses,” he added in a second tweet. “Stop playing politics Dems! Support Refilling PPP NOW.” (RELATED: Pelosi And Schumer Demand Republicans ‘Stop Posturing’ On Coronavirus Relief)

Pelosi too has harshly criticized the president’s recent response on the pandemic.

On Tuesday, she sent a letter to Democratic lawmakers accusing Trump of “endangering lives” and destroying the economy.

“The truth is that Donald Trump dismantled the infrastructure handed to him which was meant to plan for and overcome a pandemic, resulting in unnecessary deaths and economic disaster,” the letter reads. “A weak person blames others.”

The Department of Labor announced Thursday that an additional 5.25 million Americans filed for unemployment the previous week, bringing the coronavirus total to 22 million.