Popular coronavirus relief loan program for small business expires with billions untapped
After an initial rush of applications, interest in the Paycheck Protection Program waned, leaving about $135 billion on the table
More CoverageThe federal $600 unemployment benefit ends July 31. What’s next?AdvertisementCongress and the administration are already discussing what to do with the remaining $135 billion in the account. Sen. Marco Rubio (R-Fla.), chairman of the Senate Small Business and Entrepreneurship Committee, said he’d like to see it made available for another round of loans.
Rubio said the fact that money was left in the PPP shows that it is time to change the program so it helps other businesses.“There’s strong evidence that the program has been fully utilized by everyone that concluded that would benefit them,” Rubio said. “Obviously we’ll have to be more targeted at truly small businesses. And in addition to that, I’m also developing a program to provide financing for businesses in underserved communities or opportunity zones and other ZIP Codes that would fall in that category ... because I’m very concerned that a lot of minority businesses, particularly Black-owned businesses already struggling to begin with, have access to capital.”
Treasury Secretary Steven T. Mnuchin told the House Financial Services Committee on Tuesday that there appears to be bipartisan support in the Senate for repurposing the remaining PPP funds, with the hope of seeing legislation by the end of July. The discussions include extending the loans to businesses hardest hit and in industries still struggling, such as restaurants, he said.
AdvertisementBut Rep. Nydia Velazquez (D-N.Y.), who chairs the House Small Business Committee, said Congress can’t discuss extending the program or repurposing the money unless it has access to data about which businesses got loans.“We need to know if the program worked as intended by Congress,” she said. “We know 4 million businesses accessed the program, but what about the millions of minority- and women-owned businesses that were not able to access the program?”
Velazquez said talk about letting businesses apply for a second loan might be premature.“No one should get a second loan unless we know that most businesses who are struggling have a chance to get a loan,” she said.Advertisement Read more: Los Angeles Times »
Billions of untapped loan amt offered as coronavirus relief loan. What does it convey. Is it the programme was too strict and stringent which detterred people from taking it or there was no activity and no necessity.
Senate Approves Extending PPP Coronavirus Relief Lending Until AugustThe program was set to expire with $134 million still available for small businesses. SenadoFederalVergonhaNacional 🇧🇷 Censura e Perseguição ao Povo
Emergency small business loans end with $134 billion leftover as virus surges - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Who got the 500 billion loan So $134 bn has been the “printed” and will probably be “lost” by the time the auditors show up It’s like how can we devalue the $ through corruption too, not just over supply of free cash No wonder people invest in crypto !!! btc xrp crypto CryptoWhale
Biden Says He Would Ask Fauci To Stay OnPolls continue to show Fauci as the most popular public figure on the coronavirus outbreak. Fauci has been doing this since Reagan. This doesn’t make Biden some bipartisan hero for saying that. Oh fuck no.
Senate passes extension of Paycheck Protection Program until August 8, hours ahead of deadlineThe US Senate, just hours before the expiration of the small business loan Paycheck Protection Program, passed an extension of the program to August 8.
Airbus to Ax 15,000 Jobs: Live Business UpdatesWall Street had its best quarter since 1998, with the S&P 500 up about 20% since the end of March If I had 10 dollars and lost nine and then got one I doubled my bank account, right guys Wallstreet profiting while people lose their homes. Isn't that nice.
LVMH’s Kendo Lays Off 10% of Staff: SourcesKendo, the beauty incubator inside LVMH that powers many of the brands sold at Sephora has confirmed the layoffs.