$349 billion federal small business relief fund expected to run out of money today


The $349 billion federal relief fund for small businesses in the United States during the COVID-19 coronavirus pandemic is expected be depleted Wednesday, Bloomberg reports.
The Small Business Administration reported that nearly 1.4 million applications on a first-come first-served basis for the government-guaranteed loans (which convert to grants if proceeds are used to keep workers on payroll and cover rent for about two months) have been approved, but that means about $301 billion has already been used up and many businesses will still be waiting in line when the last $48 billion runs out. The whole thing took just 13 days.
Congress, which is on recess until next month, wants to get more funding passed quickly as part of their next phase in the coronavirus relief plan, but negotiations between Republicans and Democrats have stalled amid the latter's push for more aid for hospitals and state and local governments. There was seemingly some good news Wednesday, however, as Senate Minority Leader Chuck Schumer (D-N.Y.) spoke with Treasury Secretary Steven Mnuchin. The two set a meeting, which Bloomberg notes is the first public sign that the stalemate may soon break. Read more at Bloomberg.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
September 1 editorial cartoons
Cartoons Monday’s political cartoons include Labor Day picnic, branding strategy, and more
-
What is Tony Blair's plan for Gaza?
Today's Big Question Former PM has reportedly been putting together a post-war strategy 'for the past several months'
-
When does autumn begin?
The Explainer The UK is experiencing a 'false autumn', as climate change shifts seasonal weather patterns
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year