Billions more for small business not available immediately, will likely run out quickly: Lender

As Congress rushes to pump another $310 billion into the popular Paycheck Protection Program, designed to help small businesses retain their workers for two months, experts say to expect a delay in the money being available and that it's likely to quickly run out of cash once again.

The House is expected to approve the new infusion of PPP funds Thursday, and soon after the President Donald Trump is expected to sign the legislation, called the Paycheck Protection Program and Health Care Enhancement Act.Tune into ABC at 1 p.m. ET and ABC News Live at 4 p.m. ET every weekday for special coverage of the novel coronavirus with the full ABC News team, including the latest news, context and analysis.

The new legislation sets aside $60 billion for smaller lending institutions whose customers include minority-owned and woman-owned small businesses. One SBA lender, who services minority and woman-owned businesses under PPP, told ABC News,"We are very concerned that the funding will run out quickly. Most lenders have continued processing applications during the gap in funding, so they will be prepared to send in a batch of applications when the program re-opens. Our fear is that the funding will run out in the first day or two."

“Now have almost 5000 lenders with experience with #PPPloans & with 1 million applications ready to file. That’s good news, but it also means $310B in new funds will be tapped at a MUCH faster rate than 1st time,” Sen. Rubio tweeted Thursday morning.

Every Battlefield has its casualties which are unavoidable...

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Italy to use state lender CDP to protect strategic companies: sourcesItaly is considering giving state lender Cassa Depositi e Prestiti (CDP) financial backing to fund strategic companies weakened by the novel coronavirus crisis and protect them from hostile takeovers, two sources close to the matter told Reuters. 啧啧啧，那个雕塑，像是自己掉了什么，在往上按？ 我一会就删掉这推
Source: Reuters - 🏆 2. / 97 Read more »

Senate Approves Hundreds Of Billions More For Small Business Coronavirus Relief, Local Media Provisions Not IncludedThe Senate on Tuesday approved hundreds of billions more in new relief to small businesses, injecting new money into a program that was quickly depleted after companies rushed to secure loans to ke…
Source: DEADLINE - 🏆 109. / 63 Read more »

U.S. Senate passes nearly $500 billion coronavirus bill aiding small businessThe U.S. Senate on Tuesday unanimously passed legislation providing nearly $500 billion in additional federal aid to help small businesses hurt by the coronavirus pandemic and to aid hospitals dealing with large numbers of seriously ill patients. well done That’s enough money to make one big business !!!
Source: Reuters - 🏆 2. / 97 Read more »

House set to pass $484 billion coronavirus bill to boost small business, hospitals and testingThe coronavirus bill the House is considering would replenish a small business loan program, send aid to hospitals and fund a testing expansion. thomaspower Why Post-Coronavirus America Will Have Massive Poverty
Source: CNBC - 🏆 12. / 72 Read more »