Aaron Klein is a fellow in economic studies at the Brookings Institution. He served as deputy assistant secretary for economic policy at the U.S. Treasury Department from 2009-2012.
Though well-intentioned and important, the small-business program — known as the Paycheck Protection Program — has been troubled from the start: It ran out of money in 14 days, in part because a huge amount of the money went to businesses that few people would consider "small."such as Potbelly’s, Shake Shack, and Ruth’s Chris Steakhouse received initial money, as did some hotels like the Ritz Carlton in Atlanta.
The good news, however, is that it's not too late to fix the program. The Treasury Department has the ability to correct many of these problems through changing how it administers the program. Here are several ways to that end.First, assistance under the program should be capped at $1 million per loan. Only 4 percent of the loans made in the first batch were for more than $1 million, but they ate up 44.5 percent of the initial $349 billion Congress put into the program.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
We have had 3 relief packages and not one has fixed it. Do people really think a 4th one will do the trick?
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus response: Here are the big restaurant chains who have — and haven't — returned their small business loansOn April 16, the $349 billion first round of the government’s Paycheck Protection Program (PPP) for small business coronavirus relief loans ran out of money after just 13 days.
Source: YahooNews - 🏆 380. / 59 Read more »
Bank of America CEO calls for Congress to 'fully fund' small business loan program: 'Just get the work done'Brian Moynihan said Congress should make sure the small business loan program is fully funded so that every business that qualifies can receive a loan. How about funding other smaller banks for loans instead of just the big 5. Midwest town businesses are dying from lack of help. Bastards. Bailouts should be considered wellfare. A damn bank that's supposed have to enough money to survive instead depends on bailouts. They're going to be even more reckless in the years to follow and Trump is just throwing money at the problem sending us further into debt. All bad... 😂😂😂😂, so he can give the money to big companies
Source: CNBC - 🏆 12. / 72 Read more »
Private haven for wealthy received $2M from small business loan programThe Florida island community can only be reached by boat or helicopter, and counted Oprah Winfrey as a member.
Source: YahooNews - 🏆 380. / 59 Read more »
A flood of business bankruptcies likely in coming monthsThe billions of dollars in coronavirus relief targeted at small businesses may not prevent some of them from ending up in bankruptcy court. You must always remember; if leftists didn't have double standards, aka, hypocrisy, they'd have no standards at all! It makes them easy to recognize! CNN FoxNews NPR MSNBC CBS POTUS GOP TheDemocrats YOU DON’T SAY. No duh.
Source: ABC - 🏆 471. / 51 Read more »
How to fix the failed small business loan program - Business InsiderOpinion | Congress' small business loan program failed those who needed it most. Here's how to fix it. By lexir, Megan Niedermeyer, and Jeanette Quick of GustoHQ lexir GustoHQ It was designed to fail or in the alternative it was a scam
Source: BusinessInsider - 🏆 729. / 51 Read more »