An additional $320 billion in new funds became available today through the Small Business Administration's Paycheck Protection Program, which provides loans to small business during the COVID-19 pandemic, reports Politico. The SBA has resumed accepting applications, which had been on pause since April 16 when it was discovered that the original $349 billion set aside had been spent.
“The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans," Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said in a joint statement. "With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief." Full Story
Related: Tentative Deal Reached for Additional Small Business Relief; Senate Gets Closer to Finalizing Additional Small Business Loan Funds.
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