NEW YORK, April 16 — The administrator of a key small business lending program to support companies devastated by coronavirus shutdowns said today it has run out of funds due to massive demand.

The Small Business Administration, which was tasked with managing the US$349 billion program, said on its website that it was unable to accept new applications "based on available appropriations funding.”

The statement comes as lawmakers in Congress squabble over the next round of stimulus measures following an unprecedented series of emergency measures to prop up the US economy. — AFP