Billions more for small business not available immediately, will likely run out quickly: Lender

As Congress rushes to pump another $310 billion into the popular Paycheck Protection Program, designed to help small businesses retain their workers for two months, experts say to expect a delay in the money being available and that it's likely to quickly run out of cash once again.

The House is expected to approve the new infusion of PPP funds Thursday, and soon after the President Donald Trump is expected to sign the legislation, called the Paycheck Protection Program and Health Care Enhancement Act.Tune into ABC at 1 p.m. ET and ABC News Live at 4 p.m. ET every weekday for special coverage of the novel coronavirus with the full ABC News team, including the latest news, context and analysis.

The new legislation sets aside $60 billion for smaller lending institutions whose customers include minority-owned and woman-owned small businesses. One SBA lender, who services minority and woman-owned businesses under PPP, told ABC News,"We are very concerned that the funding will run out quickly. Most lenders have continued processing applications during the gap in funding, so they will be prepared to send in a batch of applications when the program re-opens. Our fear is that the funding will run out in the first day or two."

“Now have almost 5000 lenders with experience with #PPPloans & with 1 million applications ready to file. That’s good news, but it also means $310B in new funds will be tapped at a MUCH faster rate than 1st time,” Sen. Rubio tweeted Thursday morning.

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