RUNNING LOW

Small Business Aid Program Will Run Out of Money Today: WSJ

The $350 billion program is designed to help small businesses struggling amid the coronavirus pandemic.

A $350 billion program intended to help small businesses struggling amid the coronavirus pandemic is expected to be depleted later on Wednesday, The Wall Street Journal reported. The Small Business Administration said that 1.3 million applications for the program were approved, amounting to over $289 billion of funds allocated. Democrats and Republicans, who have agreed to replenish the program with $250 billion, have been at odds over whether to add certain restrictions to the funds, the Journal reported. Senate Minority Leader Chuck Schumer (D-NY) said congressional Democrats will meet with Treasury Secretary Steven Mnuchin later on Wednesday. “We see no reason why we can’t come to an agreement,” Schumer reportedly said. “We Democrats believe we need more money for small businesses, but we need it to go to the people who are under banked and underserved.”