The Trump administration’s $349 billion program to help small businesses reeling from the Covid-19 outbreak will run out of money as early as Thursday, top White House economic adviser Larry Kudlow said.
“At the present run-rate, we’re going to be out of money,” Kudlow said Tuesday on Fox Business Network. TheSmall Business Administration launched the program April 3, a week after President Donald Trump signed a $2.2 trillion rescue package that included the program.
As of 11:45 a.m. New York time on Tuesday, almost 1.1 million applications had been approved totaling more than $253 billion, with more than 4,700 lending institutions participating, the SBA said.
Trump supports adding another $250 billion to the program, but the plan has stalled in Congress.
25,306 in U.S.Most new cases today
-19% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-0.9837 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23