Small businesses start to get rescue funds, but payouts overall are lagging
A sign reading “Buy Local” with closed restaurants and shops on Main Street on April 10, 2020 in Livingston, Montana.
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Small businesses have applied for more than half of the $350 billion allotted for the Paycheck Protection Program — and all the funds may be spoken for this week — but the amount actually disbursed to businesses is lagging well behind.
The “PPP,” the Trump administration’s centerpiece program to help small businesses weather the economic effects of the coronavirus, has approved 860,000 applications for $210 billion of loans through 4,500 lenders — an accomplishment praised by many bankers.
Moving from application to disbursal, however, has proven to be another challenge that bankers said has been hampered by a lack of clarity from the Treasury Department and the Small Business Administration, and the need first to use bank personnel to …continued .
[Source: CNBC News]