Banks: New $310B for small businesses likely already used up

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Store closed sign (Photo: Dan Keck)

NEW YORK (AP) — Banking industry groups 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.

The Senate has approved an additional $310 billion for the Paycheck Protection Program, which the House of Representatives is expected to vote in favor of later this week.

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But banking groups say the volume of applications already sent to the Small Business Administration makes it likely that much, if not all, the money allotted will go to those already in the queue.