PPP Failing To Reach Most Affected Areas, Industries

Businesses didn’t have to prove severe hardship to qualify for funds from the program.

By Paul FlahiveMay 5, 2020 9:30 am, , , , , ,

From Texas Public Radio:

Last week President Donald Trump congratulated the U.S. Treasury Secretary Steven Mnuchin and Small Business Administration head Jovita Carranza.

“Have you gone to sleep in the last two weeks? I don’t think so. Right,” Trump said. “You broke every single lending record: numbers of loans, amount of loans small business, it’s actually a very big business when you think about it.“

The president was taking a bit of a victory lap on the government’s ability to move more than 350 billion tax dollars into the pockets of businesses through the Paycheck Protection Program. The program was intended to keep those small businesses afloat while keeping employees on the payroll.

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