A $349-billion federal relief program for U.S. small businesses is expected to run out of money this afternoon, with many still waiting to get a lifeline, according to officials familiar with the situation.
The government-guaranteed loans are available on a first-come, first-served basis. But without more funding, many small businesses that have flooded banks with applications won’t get help, advocates said. As of midday Wednesday, the U.S. Small Business Administration reported that more than 1.3 million applications had been approved, totaling about $296 billion of the $349 billion set aside for the Paycheck Protection Program. That’s the value of loans the agency has approved for lenders to disburse, not money that has reached borrowers.An SBA spokeswoman didn’t immediately respond to a request for comment.
The relief package, which was enacted last month in response to the pandemic, offers loans of as much as $10 million. The loans are forgivable if proceeds are used to keep workers on the payroll and cover rent and other approved expenses for about two months, a short-term stopgap designed to help businesses get by until the economy reopens.
This is awful
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Small-Business Aid Program Set to Run Out of Money Later TodayA small-business loan program at the center of a partisan standoff among congressional lawmakers is expected to run out of money later Wednesday, according to a person familiar with the fund. While Chuck and Nancy showboat so Q1 small biz shutdowns simply pushed into Q2
مصدر: WSJ - 🏆 98. / 63 اقرأ أكثر »
Small business loans top $296 billion and could reach the program's limit by the end of WednesdaySmall business loans top $296 billion and could reach the program’s limit by the end of Wednesday Meanwhile Pelosi nowhere to be found JerrValtNews Thank Pelosi and Schumer for playing politics Who's getting the money? Not my small business that's totally shut down!
مصدر: CNBC - 🏆 12. / 72 اقرأ أكثر »
No signs of progress on small business aidYesterday, at the coronavirus briefing, we thought we had seen everything until Pastor Pence with the dark sunk in eyes came up and starting trying to get us to by the only used car on the lot with 200,000 miles on it. That guy is so fucking dramatic and phony. Senator Pelosi will have blood and bankruptcy on her hands. How is this corrupt individual not in prison? So disgusting Where is the House?
مصدر: politico - 🏆 381. / 59 اقرأ أكثر »
Small business loan program expands with PayPal, Square, IntuitA number of fintech companies -- many of them household names -- can now participate in the federal government's Paycheck Protection Program. Go into debt while we just give major corporations billions because they own these politicians...
مصدر: ABC - 🏆 471. / 51 اقرأ أكثر »