- The Washington Times - Friday, April 10, 2020

The Small Business Administration won’t accept loan applications from distressed small businesses from midnight Friday until 6 a.m. Saturday due to “scheduled maintenance” of its portal for the emergency aid.

Banks are working around the clock to process loan applications through the Paycheck Protection Program, but the SBA said in a notice Friday that its portal “will not be accepting loans during this time.”

The $350 billion PPP provides loans and grants of up to $10 million for businesses with fewer than 500 employees to keep workers on the payroll for two months and pay some expenses. Senate Democrats blocked an effort by the Trump administration on Thursday to add $250 billion to the fund, which Republicans say will run out of money within days because of high demand during the coronavirus crisis.

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