Small businesses worry about future layoffs as funds from the Paycheck Protection Program, part of Congress’ coronavirus relief package, run out.Congress and the administration are already discussing what to do with the remaining $135 billion in the account. Sen. Marco Rubio , chairman of the Senate Small Business and Entrepreneurship Committee, said he’d like to see it made available for another round of loans.
Rubio said the fact that money was left in the PPP shows that it is time to change the program so it helps other businesses. “There’s strong evidence that the program has been fully utilized by everyone that concluded that would benefit them,” Rubio said. “Obviously we’ll have to be more targeted at truly small businesses. And in addition to that, I’m also developing a program to provide financing for businesses in underserved communities or opportunity zones and other ZIP Codes that would fall in that category ...
Treasury Secretary Steven T. Mnuchin told the House Financial Services Committee on Tuesday that there appears to be bipartisan support in the Senate for repurposing the remaining PPP funds, with the hope of seeing legislation by the end of July. The discussions include extending the loans to businesses hardest hit and in industries still struggling, such as restaurants, he said.But Rep.
“We need to know if the program worked as intended by Congress,” she said. “We know 4 million businesses accessed the program, but what about the millions of minority- and women-owned businesses that were not able to access the program?”“No one should get a second loan unless we know that most businesses who are struggling have a chance to get a loan,” she said.
Billions of untapped loan amt offered as coronavirus relief loan. What does it convey. Is it the programme was too strict and stringent which detterred people from taking it or there was no activity and no necessity.
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