The U.S. is doing a little business loan program once again. Nearly one-third of the new US$900 billion Covid-19 assistance program will be used to expand the “Payroll Protection Program” (PPP), which aims to save the jobs of small companies with another US$284 billion in forgivable loans .
The original version was part of the CARES Act passed in March. It was criticized for allocating a large proportion of funds to large companies and lacked transparency and uneven deployment. The new round aims to solve some of these problems, for example, by providing some funding to community lenders that provide services to low-income borrowers.
Companies that have obtained PPP loans will be eligible to apply under the extension. The following are the main features of these two versions:
The Small Business Administration (Small Business Administration) will be responsible for administering the procedure, and there will be 1