The small business rescue fund set up by Congress exhausted its $350 billion funding capacity on Thursday morning, 04-16-20, with Congress deadlocked on how to allocate more money for the popular Paycheck Protection Program.

The SBA said Thursday, 04-16-20, it will be unable to accept new loan applications while funding is tapped out and that it will not enroll additional lenders into the program. The agency said it approved more than 1.6 millions loans so far.

Meet Ray Sanders, executive vice president of Woodforest National Bank, as he provides an update on federal programs and aid for small business coronavirus assistance.