Small-business relief fund is shrinking; governors seek at least $500 billion for states to avoid service cuts
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Demand for the loans appears to be so high that it has overwhelmed the Small Business Administration, even though Congress set aside billions of dollars to help the program make loans and grants.
First applicants are still waiting for funds, fueling anxiety among business owners
For companies in dire straits, the situation is increasingly untenable, and some members of Congress are finally starting to acknowledge that businesses will close forever if the chaos doesn’t end. Democratic senator Ron Wyden of Oregon today called for “cash assistance” to be included with the next package of coronavirus-related relief.
The federal loans are meant to keep employees on company payrolls, but businesses forced to close say there’s little for their workers to do.
McConnell, McCarthy insist Trump administration’s call to grow program must be met immediately
Owners were supposed to be able to get up to $2 million. Now they’re being told the cap is $15,000 — if they can get any answers at all.
The government wants to get loans to small businesses fast. But the lenders with the most experience with this have been unable to take part.
The $349 billion Paycheck Protection Program is intended to help small employers weather the pandemic. But whether it does isn’t clear.