Hurry up and wait? Why relief to small businesses has lagged
Associated PressNEW YORK — Speed is of the essence if a federal relief program for small businesses is going to be effective in combating the damage wrought by the coronavirus lockdowns. But although the SBA says it has received more than 381,000 applications valued at $100 billion as of Wednesday afternoon, little money is flowing to owners’ bank accounts. Rubio, the head the Senate’s small business committee, also called for the Federal Reserve to allow Wells Fargo to accept more loans after stopping at $10 billion. But Fed Chairman Jerome Powell noted Thursday that companies need to have the ability to repay their loans, and that the money wouldn’t be available to businesses that would be unable to repay them. Owners who apply for paycheck protection loans can also get disaster loans but they cannot use disaster loan money for payroll, mortgage interest, rent or utility expenses.
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