Monday, 04 May 2020 07:09 AM MYT
WASHINGTON, May 4 — The United States has made over US$500 billion in loans to small businesses hit hard by the coronavirus pandemic, and about US$145 billion remains in the congressionally approved fund, the US Small Business Administration and Treasury Department said yesterday. The second round of funding was launched today, allowing lenders to issue forgivable, government-guaranteed loans to small businesses shuttered by the outbreak.
The US government’s US$660 billion small business rescue programme has stumbled on missing paperwork, technology failure, and the misdirection of funds to big corporations. It also faces the hurdle of forgiving those hastily arranged loans.
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