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2 Responses

  1. U.S. lawmakers are nearing an agreement to refill the Paycheck Protection Program’s coffers with $310 billion, days after the first $350 billion evaporated.

    Yesterday, Treasury Sec. Steve Mnuchin and Democratic party leaders said the Senate could reach a deal as early as today and secure House approval Tuesday. The bill would also include $75 billion for hospitals and $25 billion for increased COVID-19 testing.
    Will they work out Round 1’s kinks?

    Banking execs compared PPP’s opening day to “a stampede through the eye of a needle.” Most small biz relief funds were accounted for within minutes, but demand hasn’t dropped off since PPP ran out of funding last Friday.

    JPMorgan disbursed $14 billion in loans (more than any other bank)…but still has about $26 billion worth of applications waiting for additional federal funding.

    There’s been controversy. PPP was designed to help companies with <500 employees cover payroll, but several large chains with thousands of employees have secured maximum payouts. Potbelly, Ruth’s Chris Steak House, and Shake Shack received a combined $40 million in loans.

    Ann Miller RN MHA

    Like

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