New $310 billion in aid for small businesses is likely already used up, banks say

The more than $300 billion set aside to replenish the emergency loan program for small businesses impacted by the coronavirus pandemic is likely already all spoken for, banking industry groups said Wednesday.

The initial $349 billion set aside for the Paycheck Protection Program ran out on April 16, after being available for less than two weeks. The Senate has approved an additional $310 billion for the program, which the House of Representatives is expected to vote in favor of later this week.

But banking groups say the volume of applications already sent to the Small Business Administration makes it likely that much, if not all, the new money will go to those already in the queue. Any new applicants would likely miss out on this funding round.

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