Meanwhile, new data from the Labor Department shows weekly unemployment claimsOn top of that, more than 150 businesses that received hundreds of millions of dollars in Paycheck Protection Program funds are still planning to lay off thousands of employees, according to a new analysis by S&P Global.
That’s an indicator that the first tranche of PPP funds has “have proven insufficient” for many small businesses, S&P’s researchers, and it’s a signal that there’s a need for more PPP funding—something both Republicans and Democrats agree should be included in the next stimulus bill. Republican lawmakers in Washington had touted a “wait and see” approach to the next stimulus package after the CARES Act was passed in March; now they are racing to come to an agreement with Democrats on more federal aid before the economic devastation gets worse. Crucial quote
“In another world, a sharp drop in activity would have been just a good, necessary blip while we addressed the virus,” Heather Boushey, president of the Washington Center for Equitable Growth,
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theothersarahh 150 businesses thst received PPP will be laying off workers anyway? You're kidding, right? What have they done with the loan? Waiting for another?
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