Senate to vote on another $250bn for small businesses

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By Jennifer Kang
08 Apr 2020

US lawmakers are moving towards securing an additional $250bn for the Paycheck Protection Program (PPP) as it becomes clear that businesses will burn through the amount originally set aside for the rescue. But more funding is just one of the many fixes the programme needs, sources say.

Created under the CARES Act, the Payment Protection Program (PPP) authorises up to $349bn in forgivable loans to small businesses with 500 or fewer employees. The programme is administered by the Treasury and Small Business Administration (SBA), but businesses must apply through a participating lender, such as ...

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