The US small business rescue program has reached its ceiling

The US administration’s rescue program for small business has reached its 349 billion USD ceiling.

A message on the US Small Business Administration website states that the institution is “unable to accept new applications for a payroll program based on available appropriations”.

The 349 billion USD payroll program, approved by the US Congress and signed by President Donald Trump in March, has promised to bear some of the financial burdens on the country’s smallest business owners.

The US Small Business Administration said that aid could reach its commitment ceiling after more than 1.3 million companies have been approved for funding worth more than 296 billion USD.

The Speaker of the United States House of Representatives, Nancy Pelosi, is expected to continue talks with the Treasury on Thursday to secure new funding just weeks after Congress passed the historic 2.2-trillion-dollar CARES Act spending package.

Although lawmakers seem close to boosting economic stimulus, the pace at which small US businesses have exhausted the original 350 billion USD program is indicative of the extent to which state-imposed blockade affects various businesses, including restaurants, gas stations and more.