Rescue Fund to Run Dry Today, Leaving Small Firms Shut Out
- Small firms have been flooding banks with loan applications
- Congress is debating allocating an additional $250 billion
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A $349 billion federal relief program for U.S. small businesses is expected to run out of money this afternoon, with many still waiting to get a lifeline, according to officials familiar with the situation.
The government-guaranteed loans are available on a first-come first-served basis. But without more funding, many small businesses that have flooded banks with applications won’t get help, advocates said.