Connect with us

Popular World News

Over $5 billion in U.S. small business relief loans approved in first week: SBA By Reuters

China forms new insurance group to take over Anbang


Over $5 billion in U.S. small business relief loans approved in first week: SBA By Reuters

© Reuters. FILE PHOTO: A Chinese restaurant and barber shop in Harlem are closed,


WASHINGTON (Reuters) – The U.S. Small Business Administration said on Tuesday it has approved over $5 billion in small business relief loans in the first week since reopening the Paycheck Protection Program under a new round of federal funding. The loans, which convert to grants if borrowers follow guidelines including using the funds primarily to cover payroll, went to 60,000 businesses via 3,000 lenders, the SBA said in a statement. In the last round of PPP loans in April, the agency approved more than $52 billion to 475,000 borrowers in the first day and a half. The slower pace this time was in part by design: borrowing was restricted this first week to lenders specializing in underserved communities, including firms owned by minorities, women, and veterans, and to small lenders. Starting on Tuesday the program – funded with $284 billion from December’s $892 billion pandemic relief package – is open to all lenders.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Continue Reading
You may also like...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


To Top
error: Content is protected !!