After a rush to replenish the Paycheck Protection Program with $310 billion in funding, there's more than $120 billion still left unallocated for small businesses.
U.S. President Donald Trump speaks surrounded by Small Business Administration Administrator Jovita Carranza, House Minority Leader Kevin McCarthy , Rep. Steve Scalise and Senator Dan Sullivan during a signing ceremony for the "Paycheck Protection Program and Health Care Enhancement Act," approving additional coronavirus disease relief for the U.S. economy and hospitals treating people sickened by the pandemic, in the Oval Office at the White House in Washington, April 24, 2020.
As of May 30, 4.4 million loans have been made in both rounds of the PPP program for a total loan value of $510.2 billion dollars.cancellations including duplicative loans, loans not closed for any reason and loans that had been paid off.Since the average loan amount has fallen in value from the first round of funding, to $114,000, some suspect the capital is reaching truly small businesses.
Small business borrowers need to spend 75% of the loan on payroll and the remaining 25% on other expenses like rent and utilities, and use the loan within eight weeks of disbursement, among other rules, in order to avoid repayment, which means they may be reluctant to apply. Hunt said that while borrowers have received the loan and may be waiting to use it, it's unlikely that other potential changes from Congress to the 75/25 formula and the time period in which to use the loan will encourage more borrowing in round two.
Applications and demand in round one were also pacing differently, Kevin Kuhlman, the NFIB's vice president of federal government relations said. The replenished funding allowed businesses on the sidelines to think about what aid might be needed.
Claims aren’t being processed in a timely manner. Unless you’re already rich!
Trump thinks that money is the only solution to end his woes of the american anger over his incompetent leadership
Надеюсь,что это правда
India's coronavirus cases reach 2,07,615 still be very far away for the peak...
eventually use that money to give more of us money
The small biz they are looking to take the loans are already gone. The remains are being looted as we speak .
Gonna need it to fix all the shit that got broken this past week.
Hell of a job, Donnie. You've managed to bring back the 1918 Pandemic, 1929 Depression & 1968 Race Riots at the same time.
So it wasn’t needed, that’s fantastic news!
Probably took too long and a lot of businesses chose to shut down.
use for business who were hit by roiters
SchnoodleMarcia Well he’s had some busy busy day of hiding in bunkers, fanning the flames of his dictatorship, phony photo ops in front of religious icons he has no relation to so.... 🤷🏻♀️ wearethepeople WeveGotACountryToSave
That is good, enough money for sm businesses. I don't see any problem.
Maybe because they’re denying so many people.
lorakolodny I'm sure they'll find a way to redirect it to big business
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Better to allocate and not spend it. Watch Democrats try to take it and hand to corrupt, poorly-run, blue-state governments, pay for abortions, and leftist media.
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