Congress included up to $284 billion toward the small business loan program as part of the Covid-19 relief package that went into effect near the end of 2020.
A reality TV star in Atlanta has been arrested after he bought a Rolex, a 5.73 carat diamond ring, leased a Rolls Royce and paid child support with his PPP loan.
A new class action lawsuit has been filed against Chase and two of its largest clients, Ruth’s Chris and Phunware, accusing them of profiting from the $349B COVID-19 relief program by cheating small businesses.
The new bill will replenished it with another $320 billion in new money. The U.S. Small Business Administration announced that Round Two of the Paycheck Protection Protection will launch at 10:30 a.m. Monday, April 27.
The Senate approved a new relief package worth roughly $484 billion. The bulk of the package will go towards funding the now depleted loan program for distressed small businesses. It will also provide funds for hospitals and coronavirus testing.
The small business rescue fund that was set up by Congress has exhausted its $350 billion funding capacity. Without additional funding, banks and the Small Business Administration are unable to approve anymore loans.
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