Banking groups are speculating that the $310 billion established to replenish the Paycheck Protection Program may already be accounted for.
The initial $349 billion ran out in under 2 weeks. The additional $310 billion has been approved by the Senate and is set to be voted on and likely to be approved by the House on Thursday.
Since there are still so many small business applications in limbo, the funds will likely go to those businesses that had already applied but missed out on the first round of funding.
“However, small banks have said for the last two weeks that they have been swamped with applications — doing an entire year’s worth of loans in a weekend — so it’s likely most of that money is now spoken for as well.”