The money was meant to give enough money to small businesses to let them keep paying some of the 22 million laid off workers in the US over the next two months, with the government picking up the cost if it was used in that time frame and to pay salaries.
It said its revenue has been "dramatically affected" by the coronavirus crisis and that it meant to use the PPP loan money to pay its employees and hire back furloughed workers. "The next round of funds must be focused on small businesses, with better oversight and transparency".
Most of the funding, $331 billion, would go to boost a small-business payroll loan program that ran out of money last week. High-end cruise ship and travel company Lindblad Expeditions Holdings, which had $137 million cash on its balance sheets in late March, received a $6.6 million loan. "Many small business owners without existing banking relationships haven't been able to access the much-needed funds through the PPP".
The bill also includes $75 billion in hospital aid and $25 billion for testing efforts.
An SBA official refused to provide a timeline for the new funds to be released, but noted that the foundation of the program is already up and running, apparently meaning that a change would happen fairly seamlessly.
In addition to small business owners across the country expressing frustration over roadblocks they encountered in securing PPP loans, Fogo de Chão and other businesses that did receive approval for their loan applications have been criticized.
Bill Gates At Odds With Trump On Virus, Becomes A Right-Wing Target
The conspiracy theories against Bill Gates can have larger implications, warns Claire Wardle, First Draft. He cautioned that governments around the world were unprepared for a highly infectious virus.
Trios to return to Call of Duty: Warzone after player backlash
We'll be doing a playlist update tomorrow night, Thursday, April 16th at 11PM PST that brings BR Trios back to #Warzone . The online marketplace site OnBuy launched the service after surveying 1,000 Call of Duty: Warzone players.
How to take 108MP photos on the Samsung Galaxy S20 Ultra
Popular phablet the Galaxy Note 10 Lite from Samsung has already updated to proprietary software shell One UI 2.1. We had recently reported that the Galaxy A30s has received the Android 10 update along with the One UI 2.0 update.
Businesses applying for an EIDL may request an advance of up to $10,000 to be delivered within three days of the request.
By combining Lendsmart's AI technology to automate the SBA's PPP application with Griffin's marketing platform to reach targeted small business owners, banks and credit unions can process more loan applications while identifying and acquiring qualified SMB leads.
"We urge small businesses to be vigilant in who they disclose information to and ask them to report potential scammers to the Washington State Attorney General's Office".
"We now know that the first phase of the PPP was underfunded, and many who need it most, haven't gotten any assistance", said Shake Shack founder Danny Meyer an open letter on LinkedIn.